Rainier Yakima Company Company $ 100,000 $ 48,200 Materials inventory, May 1 Materials inventory, May 31 Materials purchased Cost of direct materials used in production (a) 50,000 710,000 950,000 938,500 (a) Direct labor 2,860,000 (b) Factory overhead Total manufacturing costs incurred during May Total manufacturing costs 446,000 1,800,000 (b) 2,484,200 5,598,500 2,660,600 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 31 176,400 400,000 382,000 (c) (c) 2,491,500 615,000 190,000 596,500 (d) Sales 9,220,000 4,550,000 (d) Cost of goods sold Gross profit Operating expenses 2,470,000 (e) (e) (f) 1,000,000 (f) Net income 1,500,000
Rainier Yakima Company Company $ 100,000 $ 48,200 Materials inventory, May 1 Materials inventory, May 31 Materials purchased Cost of direct materials used in production (a) 50,000 710,000 950,000 938,500 (a) Direct labor 2,860,000 (b) Factory overhead Total manufacturing costs incurred during May Total manufacturing costs 446,000 1,800,000 (b) 2,484,200 5,598,500 2,660,600 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 31 176,400 400,000 382,000 (c) (c) 2,491,500 615,000 190,000 596,500 (d) Sales 9,220,000 4,550,000 (d) Cost of goods sold Gross profit Operating expenses 2,470,000 (e) (e) (f) 1,000,000 (f) Net income 1,500,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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.
Please see attachment
Instructions
1. Determine the amounts of the missing items, 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.
Transcribed Image Text:Rainier
Yakima
Company
Company
$ 100,000
$ 48,200
Materials inventory, May 1
Materials inventory, May 31
Materials purchased
Cost of direct materials used in production
(a)
50,000
710,000
950,000
938,500
(a)
Direct labor
2,860,000
(b)
Factory overhead
Total manufacturing costs incurred during May
Total manufacturing costs
446,000
1,800,000
(b)
2,484,200
5,598,500
2,660,600
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
176,400
400,000
382,000
(c)
(c)
2,491,500
615,000
190,000
596,500
(d)
Sales
9,220,000
4,550,000
(d)
Cost of goods sold
Gross profit
Operating expenses
2,470,000
(e)
(e)
(f)
1,000,000
(f)
Net income
1,500,000
Expert Solution
Trending now
This is a popular solution!
Step by step
Solved in 9 steps with 9 images
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education