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 MayPrepare Yakima companys income statement for May Rainier CompanyYakima CompanyMaterials Inventory, May 1$100,000$48,200Materials Inventory, May 31(a)50,000Materials purchased950,000710,000Cost of direct materials used in production935,000(a)Direct labor2,860,000(b)Factory overhead1,800,000446,000Total manufacturing costs incurred during May(b)2,484,200Total manufacturing costs5,598,5002,660,600Work in process inventory, May 1400,00176,400Work in process inventory May 31382,000(c)Cost of goods manufactured(c)2,491,500Finished goods inventory, May 1615,000190,000Finished goods inventory, May 31596,500(d)Sales9,220,0004,550,000Cost of good sold(d)2,470,000Gross profit(e)(e)Operating expenses1,000,000(f)Net income(f)1,500,000

Cost of goods manufactured = Total manufacturing costs + Beginning work in process - Closing work in…

Answered: Several items are omitted from the…

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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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

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