Materials inventory, May 1 Materials inventory, May 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during May Total manufacturing costs Work in process inventory, May 1 Work in process inventory, May 31 Cost of goods manufactured Finished goods inventory, May 1 Finished goods inventory, May 31 Sales Cost of goods sold Gross profit Operating expenses Net income (b) (c) (d) (e) (1) Rainier Company $100,000 5,998,500 400,000 382,000 950,000 938,500 (a) 2,860,000 (b) 1,330,000 1,800,000 446,000 615,000 596,500 9,220,000 1,000,000 (c) (d) Yakima Company 48,200 50,000 710,000 (e) (1) $ 2,484,200 2,660,600 176,400 2,491,500 190,000 4,550,000 2,470,000 1,500,000

Materials inventory, May 1 Materials inventory, May 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during May Total manufacturing costs Work in process inventory, May 1 Work in process inventory, May 31 Cost of goods manufactured Finished goods inventory, May 1 Finished goods inventory, May 31 Sales Cost of goods sold Gross profit Operating expenses Net income (b) (c) (d) (e) (1) Rainier Company $100,000 5,998,500 400,000 382,000 950,000 938,500 (a) 2,860,000 (b) 1,330,000 1,800,000 446,000 615,000 596,500 9,220,000 1,000,000 (c) (d) Yakima Company 48,200 50,000 710,000 (e) (1) $ 2,484,200 2,660,600 176,400 2,491,500 190,000 4,550,000 2,470,000 1,500,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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