Rainier Company Yakima Company 1 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 in 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)

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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Rainier Company
Yakima Company
1
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 in 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)
Transcribed Image Text:Rainier Company Yakima Company 1 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 in 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)
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