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: 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: A. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. B. Prepare Yakima Company’s statement of cost of goods manufactured for May.* C. Prepare Yakima Company’s 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. A. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. B. Prepare Yakima Company’s 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. C. Prepare Yakima Company’s 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.

Answer 1

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