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Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May: 1
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May: Rainier Company Yakima Company Materials inventory, May $ $ Materials inventory, May a Materials purchased Cost of direct materials used in production a Direct labor b Factory overhead Total manufacturing costs incurred in May b Total manufacturing costs Work in process inventory, May Work in process inventory, May c Cost of goods manufactured c Finished goods inventory, May Finished goods inventory, May d Sales Cost of goods sold d Gross profit e e Operating expenses f Net income f Required: a Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. b Prepare Yakima Companys statement of cost of goods manufactured for May. For those boxes in which you must enter subtracted or negative numbers use a minus sign. c Prepare Yakima Companys income statement for May. Enter all amounts as positive numbers. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May:
Rainier Company
Yakima Company
Materials inventory, May
$
$
Materials inventory, May
a
Materials purchased
Cost of direct materials used in production
a
Direct labor
b
Factory overhead
Total manufacturing costs incurred in May
b
Total manufacturing costs
Work in process inventory, May
Work in process inventory, May
c
Cost of goods manufactured
c
Finished goods inventory, May
Finished goods inventory, May
d
Sales
Cost of goods sold
d
Gross profit
e
e
Operating expenses
f
Net income
f
Required:
a Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
b Prepare Yakima Companys statement of cost of goods manufactured for May. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
c Prepare Yakima Companys income statement for May. Enter all amounts as positive numbers.
Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.
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