Several items are omitted from the income statament and cost of goods manufactured statement data for two different companies for the month of May: Determine the amounts of the missing items, identifying them by letter. Prepare Yakima company's statement of cost of goods manufactured for May Prepare Yakima companys income statement for May Rainier Company Yakima Company Materials Inventory, May 1 $100,000 $48,200 Materials Inventory, May 31 (a) 50,000 Materials purchased 950,000 710,000 Cost of direct materials used in production 935,000 (a) Direct labor 2,860,000 (b) Factory overhead 1,800,000 446,000 Total manufacturing costs incurred during May (b) 2,484,200 Total manufacturing costs 5,598,500 2,660,600 Work in process inventory, May 1 400,00 176,400 Work in process inventory May 31 382,000 (c) Cost of goods manufactured (c) 2,491,500 Finished goods inventory, May 1 615,000 190,000 Finished goods inventory, May 31 596,500 (d) Sales 9,220,000 4,550,000 Cost of good sold (d) 2,470,000 Gross profit (e) (e) Operating expenses 1,000,000 (f) Net income (f) 1,500,000
Several items are omitted from the income statament and cost of goods manufactured statement data for two different companies for the month of May: Determine the amounts of the missing items, identifying them by letter. Prepare Yakima company's statement of cost of goods manufactured for May Prepare Yakima companys income statement for May Rainier Company Yakima Company Materials Inventory, May 1 $100,000 $48,200 Materials Inventory, May 31 (a) 50,000 Materials purchased 950,000 710,000 Cost of direct materials used in production 935,000 (a) Direct labor 2,860,000 (b) Factory overhead 1,800,000 446,000 Total manufacturing costs incurred during May (b) 2,484,200 Total manufacturing costs 5,598,500 2,660,600 Work in process inventory, May 1 400,00 176,400 Work in process inventory May 31 382,000 (c) Cost of goods manufactured (c) 2,491,500 Finished goods inventory, May 1 615,000 190,000 Finished goods inventory, May 31 596,500 (d) Sales 9,220,000 4,550,000 Cost of good sold (d) 2,470,000 Gross profit (e) (e) Operating expenses 1,000,000 (f) Net income (f) 1,500,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Several items are omitted from the income statament and cost of goods manufactured statement data for two different companies for the month of May:
Determine the amounts of the missing items, identifying them by letter.
Prepare Yakima company's statement of cost of goods manufactured for May
Prepare Yakima companys income statement for May
| Rainier Company | Yakima Company | |
| Materials Inventory, May 1 | $100,000 | $48,200 |
| Materials Inventory, May 31 | (a) | 50,000 |
| Materials purchased | 950,000 | 710,000 |
| Cost of direct materials used in production | 935,000 | (a) |
| Direct labor | 2,860,000 | (b) |
| Factory |
1,800,000 | 446,000 |
| Total |
(b) | 2,484,200 |
| Total manufacturing costs | 5,598,500 | 2,660,600 |
| Work in process inventory, May 1 | 400,00 | 176,400 |
| Work in process inventory May 31 | 382,000 | (c) |
| Cost of goods manufactured | (c) | 2,491,500 |
| Finished goods inventory, May 1 | 615,000 | 190,000 |
| Finished goods inventory, May 31 | 596,500 | (d) |
| Sales | 9,220,000 | 4,550,000 |
| Cost of good sold | (d) | 2,470,000 |
| Gross profit | (e) | (e) |
| Operating expenses | 1,000,000 | (f) |
| Net income | (f) | 1,500,000 |
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