Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May. 1 Rainier CompanyYakima Company2Materials inventory, May 1$100,000.00$48,200.003Materials inventory, May 31(a)50,000.004Materials purchased950,000.00710,000.005Cost of direct materials used in production938,500.00(a)6Direct labor2,860,000.00(b)7Factory overhead1,800,000.00446,000.008Total manufacturing costs incurred during May(b)2,484,200.009Total manufacturing costs5,998,500.002,660,600.0010Work in process inventory, May 1400,000.00176,400.0011Work in process inventory, May 31382,000.00(c)12Cost of goods manufactured(c)2,491,500.0013Finished goods inventory, May 1615,000.00190,000.0014Finished goods inventory, May 31596,500.00(d)15Sales9,220,000.004,550,000.0016Cost of goods sold(d)2,470,000.0017Gross profit(e)(e)18Operating expenses1,000,000.00(f)19Net income(f)1,500,000.00 Required:A.Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.B.Prepare Yakima Company’s statement of cost of goods manufactured for May.*C.Prepare Yakima Company’s income statement for May.* *Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Enter all amounts as positive numbers. Be sure to complete the statement heading. Labels and Amount Descriptions Labels For the Month Ended May 31 For the Quarter Ended May 31 For the Year Ended May 31 Amount Descriptions Cost of direct materials used Cost of finished goods available for sale Cost of goods manufactured Cost of goods sold Cost of materials available for use Direct Labor Factory overhead Finished goods inventory, May 1 Finished goods inventory, May 31 Gross profit Materials inventory, May 1 Materials inventory, May 31 Net income Operating expenses Purchases Sales Total manufacturing costs incurred during May Work in process inventory, May 1 Work in process inventory, May 31 Starting Question A. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.LetterRainier CompanyYakima Companya. b. c. d. e. f. Statement of Cost of Goods Manufactured B. Prepare Yakima Company’s statement of cost of goods manufactured for May. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Enter all amounts as positive numbers. Be sure to complete the statement heading. Yakima CompanyStatement of Cost of Goods Manufactured 1 2Direct materials: 3 4 5 6 7 8 9 10 11Total manufacturing costs 12 13 Income Statement C. Prepare Yakima Company’s income statement for May. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Enter all amounts as positive numbers. Be sure to complete the statement heading. Yakima CompanyIncome Statement 1 2Cost of goods sold: 3 4 5 6 7 8 9 10

Integrated Manufacturing Cost consists of all expenses incurred for using resources during the time…

Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May. 1 Rainier Company Yakima Company 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 during 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) 15 Sales 9,220,000.00 4,550,000.00 16 Cost of goods sold (d) 2,470,000.00 17 Gross profit (e) (e) 18 Operating expenses 1,000,000.00 (f) 19 Net income (f) 1,500,000.00 Required: A. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. B. Prepare Yakima Company’s statement of cost of goods manufactured for May.* C. Prepare Yakima Company’s income statement for May.* *Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Enter all amounts as positive numbers. Be sure to complete the statement heading.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

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

1		Rainier Company	Yakima Company
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 during 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)
15	Sales	9,220,000.00	4,550,000.00
16	Cost of goods sold	(d)	2,470,000.00
17	Gross profit	(e)	(e)
18	Operating expenses	1,000,000.00	(f)
19	Net income	(f)	1,500,000.00

Required:

Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.

Prepare Yakima Company’s statement of cost of goods manufactured for May.*

Prepare Yakima Company’s income statement for May.*

*Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Enter all amounts as positive numbers. Be sure to complete the statement heading.

Labels and Amount Descriptions

Labels
For the Month Ended May 31
For the Quarter Ended May 31
For the Year Ended May 31
Amount Descriptions
Cost of direct materials used
Cost of finished goods available for sale
Cost of goods manufactured
Cost of goods sold
Cost of materials available for use
Direct Labor
Factory overhead
Finished goods inventory, May 1
Finished goods inventory, May 31
Gross profit
Materials inventory, May 1
Materials inventory, May 31
Net income
Operating expenses
Purchases
Sales
Total manufacturing costs incurred during May
Work in process inventory, May 1
Work in process inventory, May 31

Starting Question

A. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.

Letter	Rainier Company	Yakima Company
a.
b.
c.
d.
e.
f.

Statement of Cost of Goods Manufactured

B. Prepare Yakima Company’s statement of cost of goods manufactured for May. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Enter all amounts as positive numbers. Be sure to complete the statement heading.

Yakima Company

Statement of Cost of Goods Manufactured

1
2	Direct materials:
3
4
5
6
7
8
9
10
11	Total manufacturing costs
12
13

Income Statement

C. Prepare Yakima Company’s income statement for May. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Enter all amounts as positive numbers. Be sure to complete the statement heading.

Yakima Company

Income Statement

1
2	Cost of goods sold:
3
4
5
6
7
8
9
10

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 9 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.