Manufacturing income statement, statement of cost of goods Obj. 3 manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May: Instructions 1. For both companies, determine the amounts of the missing items (a) through (f), identifying them by letter. 2. Prepare Yakima Company’s statement of cost of goods manufactured for May. 3. Prepare Yakima Company’s income statement for May. RainierYakimaCompany$ 100,000(a)Company$ 48,200Materials inventory, May 1Materials inventory, May 31Materials purchased50,000950,000710,000Cost of direct materials used in production938,500(a)Direct labor2,860,000(b)Factory overheadTotal manufacturing costs incurred in MayTotal manufacturing costsWork in process inventory, May 1Work in process inventory, May 31Cost of goods manufacturedFinished goods inventory, May 1Finished goods inventory, May 311,800,000446,000(b)2,484,2005,998,5002,660,600400,000176,400382,000(c)(c)2,491,500615,000190,000596,500(d)9,220,000(d)Sales4,550,000Cost of goods soldGross profitOperating expenses2,470,000(e)(e)1,000,000(f)Net income(f)1,500,000

Cost of goods sold means the total costs incurred on goods that are being sold to outside customers…

Answered: Rainier Yakima Company $ 100,000 (a)…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Manufacturing income statement, statement of cost of goods Obj. 3 manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May:

Instructions 1. For both companies, determine the amounts of the missing items (a) through (f), identifying them by letter. 2. Prepare Yakima Company’s statement of cost of goods manufactured for May. 3. Prepare Yakima Company’s income statement for May.

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

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