Rainier Company Yakima Company 2 Materials inventory, May 1 $280,000.00 $177,000.00 3 Materials inventory. May 31 (a) 175,000.00 Materials purchased 712,600.00 340,000.00 4 5 Cost of direct materials used in production 752.800.00 (a) 6 Direct labor 1,059.800.00 (b) 7 Factory overhead 326,600.00 179.400.00 1,038.000.00 8 Total manufacturing costs incurred in May 9 Total manufacturing costs 2.679,200.00 1,480,500.00 10 Work in process inventory, May1 540,000.00 442,500.00 11 Work in process inventory, May 31 451.400.00 (c) 12 Cost of goods manufactured (c) 1,026.500.00 475.200.00 200.000.00 13 Finished goods inventory, May 1 495,600.00 (d) 14 Finished goods inventory, May 31 4,142.000.00 1,679.000.00 15 Sales (d) 1,048,500.00 16 Cost of goods sold 17 Gross profit (e) 18 Operating expenses 545.000.00 f) 384.100.00 19 Net income

Q: How do you make a horizontal analysis on an income statement and balance sheet?

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Q: What is comprehensive income?

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Q: what are contrast economic concepts of income from reported income?

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