Instructions Labels and Amount Descriptions Starting Question Instructions 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 2 Materials inventory, May 1 $281,120.00 $176,500.00 3 Materials inventory, May 31 (a) 177,500.00 4 Materials purchased 713,200.00 340,300.00 5 Cost of direct materials used in production 751,600.00 (a) 6 Direct labor 1,058,600.00 (b) 7 Factory overhead 328,000.00 179,200.00 8 Total manufacturing costs incurred during May (b) 1,034,000.00 9 Total manufacturing costs 2,678,800.00 1,477,500.00 10 Work in process inventory, May 1 540,600.00 443,500.00 11 Work in process inventory, May 31 451,000.00 (c) 12 Cost of goods manufactured (c) 1,028,000.00 13 Finished goods inventory, May 1 476,000.00 200,500.00 14 Finished goods inventory, May 31 495,600.00 (d) 15 Sales 4143 000.00. 1670.000.00. Previous neck My Work 5 more Check My Work uses remaining. Gruestion Instructions 11 Work in process inventory, May 31 451,000.00 (c) 12 Cost of goods manufactured (c) 1,028,000.00 13 Finished goods inventory, May 1 476,000.00 200,500.00 14 Finished goods inventory, May 31 495,600.00 (d) 15 Sales 4,143,000.00 1,670,000.00 16 Cost of goods sold (d) 1,051,500.00 17 Gross profit (e) (e) 18 Operating expenses 538,000.00 (f) 19 Net income (f) 380,900.00 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. heck My Work 5 more Check My Work uses remaining.
Instructions Labels and Amount Descriptions Starting Question Instructions 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 2 Materials inventory, May 1 $281,120.00 $176,500.00 3 Materials inventory, May 31 (a) 177,500.00 4 Materials purchased 713,200.00 340,300.00 5 Cost of direct materials used in production 751,600.00 (a) 6 Direct labor 1,058,600.00 (b) 7 Factory overhead 328,000.00 179,200.00 8 Total manufacturing costs incurred during May (b) 1,034,000.00 9 Total manufacturing costs 2,678,800.00 1,477,500.00 10 Work in process inventory, May 1 540,600.00 443,500.00 11 Work in process inventory, May 31 451,000.00 (c) 12 Cost of goods manufactured (c) 1,028,000.00 13 Finished goods inventory, May 1 476,000.00 200,500.00 14 Finished goods inventory, May 31 495,600.00 (d) 15 Sales 4143 000.00. 1670.000.00. Previous neck My Work 5 more Check My Work uses remaining. Gruestion Instructions 11 Work in process inventory, May 31 451,000.00 (c) 12 Cost of goods manufactured (c) 1,028,000.00 13 Finished goods inventory, May 1 476,000.00 200,500.00 14 Finished goods inventory, May 31 495,600.00 (d) 15 Sales 4,143,000.00 1,670,000.00 16 Cost of goods sold (d) 1,051,500.00 17 Gross profit (e) (e) 18 Operating expenses 538,000.00 (f) 19 Net income (f) 380,900.00 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. heck My Work 5 more Check My Work uses remaining.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Instructions
Labels and Amount Descriptions
Starting Question
Instructions
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
2 Materials inventory, May 1
$281,120.00
$176,500.00
3 Materials inventory, May 31
(a)
177,500.00
4 Materials purchased
713,200.00
340,300.00
5 Cost of direct materials used in production
751,600.00
(a)
6 Direct labor
1,058,600.00
(b)
7 Factory overhead
328,000.00
179,200.00
8 Total manufacturing costs incurred during May
(b)
1,034,000.00
9 Total manufacturing costs
2,678,800.00
1,477,500.00
10 Work in process inventory, May 1
540,600.00
443,500.00
11 Work in process inventory, May 31
451,000.00
(c)
12 Cost of goods manufactured
(c)
1,028,000.00
13 Finished goods inventory, May 1
476,000.00
200,500.00
14 Finished goods inventory, May 31
495,600.00
(d)
15 Sales
4143 000.00.
1670.000.00.
Previous
neck My Work 5 more Check My Work uses remaining.
Transcribed Image Text:Gruestion
Instructions
11 Work in process inventory, May 31
451,000.00
(c)
12 Cost of goods manufactured
(c)
1,028,000.00
13 Finished goods inventory, May 1
476,000.00
200,500.00
14 Finished goods inventory, May 31
495,600.00
(d)
15 Sales
4,143,000.00
1,670,000.00
16 Cost of goods sold
(d)
1,051,500.00
17 Gross profit
(e)
(e)
18 Operating expenses
538,000.00
(f)
19 Net income
(f)
380,900.00
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.
heck My Work 5 more Check My Work uses remaining.
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