Question
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May. Labels
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May.
Labels | |
For the Month Ended May 31 | |
For the Quarter Ended May 31 | |
For the Year Ended May 31 | |
Amount Descriptions | |
Cost of direct materials used | |
Cost of finished goods available for sale | |
Cost of goods manufactured | |
Cost of goods sold | |
Cost of materials available for use | |
Direct Labor | |
Factory overhead | |
Finished goods inventory, May 1 | |
Finished goods inventory, May 31 | |
Gross profit | |
Materials inventory, May 1 | |
Materials inventory, May 31 | |
Net income | |
Operating expenses | |
Purchases | |
Sales | |
Total manufacturing costs incurred during May | |
Work in process inventory, May 1 | |
Work in process inventory, May 31 |
1 |
| Rainier Company | Yakima Company |
2 | Materials inventory, May 1 | $100,000.00 | $48,200.00 |
3 | Materials inventory, May 31 | (a) | 50,000.00 |
4 | Materials purchased | 950,000.00 | 710,000.00 |
5 | Cost of direct materials used in production | 938,500.00 | (a) |
6 | Direct labor | 2,860,000.00 | (b) |
7 | Factory overhead | 1,800,000.00 | 446,000.00 |
8 | Total manufacturing costs incurred during May | (b) | 2,484,200.00 |
9 | Total manufacturing costs | 5,998,500.00 | 2,660,600.00 |
10 | Work in process inventory, May 1 | 400,000.00 | 176,400.00 |
11 | Work in process inventory, May 31 | 382,000.00 | (c) |
12 | Cost of goods manufactured | (c) | 2,491,500.00 |
13 | Finished goods inventory, May 1 | 615,000.00 | 190,000.00 |
14 | Finished goods inventory, May 31 | 596,500.00 | (d) |
15 | Sales | 9,220,000.00 | 4,550,000.00 |
16 | Cost of goods sold | (d) | 2,470,000.00 |
17 | Gross profit | (e) | (e) |
18 | Operating expenses | 1,000,000.00 | (f) |
19 | Net income | (f) | 1,500,000.00 |
Required: | |||
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B. | Prepare Yakima Companys statement of cost of goods manufactured for May.* | ||
C. | Prepare Yakima Companys income statement for May.*
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B. Prepare Yakima Companys statement of cost of goods manufactured for May. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. Enter all amounts as positive numbers. Be sure to complete the statement heading.
Yakima Company |
Statement of Cost of Goods Manufactured |
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11 | Total manufacturing costs |
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C. Prepare Yakima Companys income statement for May. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. Enter all amounts as positive numbers. Be sure to complete the statement heading
Yakima Company |
Income Statement |
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2 | Cost of goods sold: |
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