Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May: 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 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 Sales Cost of goods sold Gross profit Operating expenses Net income Rainier Company $ 100,000 (a) 950,000 938,500 2,860,000 1,800,000 (b) 5,998,500 400,000 382,000 (c) 615,000 596,500 9,220,000 (d) (e) 1,000,000 (f) Yakima Company $ 48,200 50,000 710,000 (a) (b) 446,000 2,484,200 2,660,600 176,400 2,491,500 190,000 (d) 4,550,000 2,470,000 (e) 1,500,000 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.

Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May: 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 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 Sales Cost of goods sold Gross profit Operating expenses Net income Rainier Company $ 100,000 (a) 950,000 938,500 2,860,000 1,800,000 (b) 5,998,500 400,000 382,000 (c) 615,000 596,500 9,220,000 (d) (e) 1,000,000 (f) Yakima Company $ 48,200 50,000 710,000 (a) (b) 446,000 2,484,200 2,660,600 176,400 2,491,500 190,000 (d) 4,550,000 2,470,000 (e) 1,500,000 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.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 4PB: Several items are omitted from the income statement and cost of goods manufactured statement data...

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Manufacturing income statement, statement of cost of goods 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 Companys statement of cost of goods manufactured for May. 3. Prepare Yakima Companys income statement for May.
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