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Rainier Yakima Company 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 938,500 (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 1 400,000 |176,400 Work in process inventory. May 31 882,000 (c) Cost of goods manufactured (c) 2,491,300 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 goods sold |(d) 2,470,000 Gross profit (e) (e) Operating expenses 1,000,000 (f) Net income (f) 1,500,000

Rainier Yakima Company 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 938,500 (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 1 400,000 |176,400 Work in process inventory. May 31 882,000 (c) Cost of goods manufactured (c) 2,491,300 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 goods sold |(d) 2,470,000 Gross profit (e) (e) Operating expenses 1,000,000 (f) Net income (f) 1,500,000

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 6PB: During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of...
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Question

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. Determine the amounts of the missing items, identifying them by
letter.

2. Prepare Yakima Company's statement of cost of goods manufactured
for May.
S. Prepare Yakima Company's income statement for May.

Rainier Yakima Company 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 938,500 (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 1 400,000 |176,400 Work in process inventory. May 31 882,000 (c) Cost of goods manufactured (c) 2,491,300 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 goods sold |(d) 2,470,000 Gross profit (e) (e) Operating expenses 1,000,000 (f) Net income (f) 1,500,000
Transcribed Image Text:Rainier Yakima Company 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 938,500 (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 1 400,000 |176,400 Work in process inventory. May 31 882,000 (c) Cost of goods manufactured (c) 2,491,300 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 goods 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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