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12. 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 Yakima Company Company Materials inventory, May 1 $ 100,000 $ 48,200 Materials inventory, May 31 (a) 50,000 Materials purchased 950,000 710,000 Cost of direct materials used in production 938,500 (a) Direct labor 2,860,000 (b) Factory overhead 1,800,000 446,000 Total manufacturing costs incurred during May (b) 2,484,200 Total manufacturing costs 5,598,500 2,660,600 Work in process inventory, May 1 400,000 176,400 Work in process inventory, May 31 382,000 (C) Cost of goods manufactured (C) 2,491,500 Finished goods inventory, May 1 615,000 190,000 Finished goods inventory, May 31 596,500 (d) Sales 9,220,000 4,550,000 Cost of goods sold 2,470,000 Gross profit (e) (e) Operating expenses 1,000,000 (f) Net income (f ) 1,500,000 Instructions 1. Determine the amounts of the missing items, identifying them by letter. * Answer Check Figure: Yakima, $1,330,000 2. Prepare Yakima Company's statement of cost of goods manufactured for May. 3. Prepare Yakima Company's income statement for May