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 $281,960.00 $177,500.00 3 Materials inventory, May 31 (a) 175,500.00 4 Materials purchased 713,600.00 341,100.00 5 Cost of direct materials used in production 752,000.00 (a) 6 Direct labor 1,060,000.00 (b) 7 Factory overhead 327,800.00 179,000.00 8 Total manufacturing costs incurred in May (b) 1,036,000.00 9 Total manufacturing costs 2,681,600.00 1,479,000.00 10 Work in process inventory, May 1 541,800.00 443,000.00 11 Work in process inventory, May 31 450,800.00 (c) 12 Cost of goods manufactured (c) 1,024,500.00 13 Finished goods inventory, May 1 479,800.00 204,500.00 14 Finished goods inventory, May 31 495,400.00 (d) 15 Sales 4,144,000.00 1,677,000.00 16 Cost of goods sold (d) 1,052,000.00 17 Gross profit (e) (e) 18 Operating expenses 543,000.00 (f) 19 Net income (f) 380,700.00 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. For those boxes in which you must enter subtracted or negative numbers use a minus sign* c. Prepare Yakima Company’s income statement for May. Enter all amounts as positive numbers.* *Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. X Starting Question 1 Rainier Company Yakima Company 2 Materials inventory, May 1 $281,960.00 $177,500.00 3 Materials inventory, May 31 (a) 175,500.00 4 Materials purchased 713,600.00 341,100.00 5 Cost of direct materials used in production 752,000.00 (a) 6 Direct labor 1,060,000.00 (b) 7 Factory overhead 327,800.00 179,000.00 8 Total manufacturing costs incurred in May (b) 1,036,000.00 9 Total manufacturing costs 2,681,600.00 1,479,000.00 10 Work in process inventory, May 1 541,800.00 443,000.00 11 Work in process inventory, May 31 450,800.00 (c) 12 Cost of goods manufactured (c) 1,024,500.00 13 Finished goods inventory, May 1 479,800.00 204,500.00 14 Finished goods inventory, May 31 495,400.00 (d) 15 Sales 4,144,000.00 1,677,000.00 16 Cost of goods sold (d) 1,052,000.00 17 Gross profit (e) (e) 18 Operating expenses 543,000.00 (f) 19 Net income (f) 380,700.00
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 $281,960.00 $177,500.00 3 Materials inventory, May 31 (a) 175,500.00 4 Materials purchased 713,600.00 341,100.00 5 Cost of direct materials used in production 752,000.00 (a) 6 Direct labor 1,060,000.00 (b) 7 Factory overhead 327,800.00 179,000.00 8 Total manufacturing costs incurred in May (b) 1,036,000.00 9 Total manufacturing costs 2,681,600.00 1,479,000.00 10 Work in process inventory, May 1 541,800.00 443,000.00 11 Work in process inventory, May 31 450,800.00 (c) 12 Cost of goods manufactured (c) 1,024,500.00 13 Finished goods inventory, May 1 479,800.00 204,500.00 14 Finished goods inventory, May 31 495,400.00 (d) 15 Sales 4,144,000.00 1,677,000.00 16 Cost of goods sold (d) 1,052,000.00 17 Gross profit (e) (e) 18 Operating expenses 543,000.00 (f) 19 Net income (f) 380,700.00 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. For those boxes in which you must enter subtracted or negative numbers use a minus sign* c. Prepare Yakima Company’s income statement for May. Enter all amounts as positive numbers.* *Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. X Starting Question 1 Rainier Company Yakima Company 2 Materials inventory, May 1 $281,960.00 $177,500.00 3 Materials inventory, May 31 (a) 175,500.00 4 Materials purchased 713,600.00 341,100.00 5 Cost of direct materials used in production 752,000.00 (a) 6 Direct labor 1,060,000.00 (b) 7 Factory overhead 327,800.00 179,000.00 8 Total manufacturing costs incurred in May (b) 1,036,000.00 9 Total manufacturing costs 2,681,600.00 1,479,000.00 10 Work in process inventory, May 1 541,800.00 443,000.00 11 Work in process inventory, May 31 450,800.00 (c) 12 Cost of goods manufactured (c) 1,024,500.00 13 Finished goods inventory, May 1 479,800.00 204,500.00 14 Finished goods inventory, May 31 495,400.00 (d) 15 Sales 4,144,000.00 1,677,000.00 16 Cost of goods sold (d) 1,052,000.00 17 Gross profit (e) (e) 18 Operating expenses 543,000.00 (f) 19 Net income (f) 380,700.00
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...
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
|
$281,960.00
|
$177,500.00
|
3
|
Materials inventory, May 31
|
(a)
|
175,500.00
|
4
|
Materials purchased
|
713,600.00
|
341,100.00
|
5
|
Cost of direct materials used in production
|
752,000.00
|
(a)
|
6
|
Direct labor
|
1,060,000.00
|
(b)
|
7
|
Factory overhead
|
327,800.00
|
179,000.00
|
8
|
Total
|
(b)
|
1,036,000.00
|
9
|
Total manufacturing costs
|
2,681,600.00
|
1,479,000.00
|
10
|
Work in process inventory, May 1
|
541,800.00
|
443,000.00
|
11
|
Work in process inventory, May 31
|
450,800.00
|
(c)
|
12
|
Cost of goods manufactured
|
(c)
|
1,024,500.00
|
13
|
Finished goods inventory, May 1
|
479,800.00
|
204,500.00
|
14
|
Finished goods inventory, May 31
|
495,400.00
|
(d)
|
15
|
Sales
|
4,144,000.00
|
1,677,000.00
|
16
|
Cost of goods sold
|
(d)
|
1,052,000.00
|
17
|
Gross profit
|
(e)
|
(e)
|
18
|
Operating expenses
|
543,000.00
|
(f)
|
19
|
Net income
|
(f)
|
380,700.00
|
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. For those boxes in which you must enter subtracted or negative numbers use a minus sign* | |||
c. Prepare Yakima Company’s income statement for May. Enter all amounts as positive numbers.*
|
X
Starting Question
1
|
|
Rainier Company
|
Yakima Company
|
2
|
Materials inventory, May 1
|
$281,960.00
|
$177,500.00
|
3
|
Materials inventory, May 31
|
(a)
|
175,500.00
|
4
|
Materials purchased
|
713,600.00
|
341,100.00
|
5
|
Cost of direct materials used in production
|
752,000.00
|
(a)
|
6
|
Direct labor
|
1,060,000.00
|
(b)
|
7
|
Factory overhead
|
327,800.00
|
179,000.00
|
8
|
Total manufacturing costs incurred in May
|
(b)
|
1,036,000.00
|
9
|
Total manufacturing costs
|
2,681,600.00
|
1,479,000.00
|
10
|
Work in process inventory, May 1
|
541,800.00
|
443,000.00
|
11
|
Work in process inventory, May 31
|
450,800.00
|
(c)
|
12
|
Cost of goods manufactured
|
(c)
|
1,024,500.00
|
13
|
Finished goods inventory, May 1
|
479,800.00
|
204,500.00
|
14
|
Finished goods inventory, May 31
|
495,400.00
|
(d)
|
15
|
Sales
|
4,144,000.00
|
1,677,000.00
|
16
|
Cost of goods sold
|
(d)
|
1,052,000.00
|
17
|
Gross profit
|
(e)
|
(e)
|
18
|
Operating expenses
|
543,000.00
|
(f)
|
19
|
Net income
|
(f)
|
380,700.00
|
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. For those boxes in which you must enter subtracted or negative numbers use a minus sign* | |||
c. Prepare Yakima Company’s income statement for May. Enter all amounts as positive numbers.*
|
X
Amount Descriptions
Amount Descriptions | |
Cost of direct materials used in production | |
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 in May | |
Work in process inventory, May 1 | |
Work in process inventory, May 31 |
X
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. |
|
|
b. Prepare Yakima Company’s statement of cost of goods manufactured for May. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign
Yakima Company
|
Statement of Cost of Goods Manufactured
|
For the Month Ended May 31
|
1
|
|
|
|
|
2
|
Direct materials:
|
|
|
|
3
|
|
|
|
|
4
|
|
|
|
|
5
|
|
|
|
|
6
|
|
|
|
|
7
|
|
|
|
|
8
|
|
|
|
|
9
|
|
|
|
|
10
|
|
|
|
|
11
|
Total manufacturing costs
|
|
|
|
12
|
|
|
|
|
13
|
|
|
|
|
c. Prepare Yakima Company’s income statement for May. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter all amounts as positive numbers.
Yakima Company
|
Income Statement
|
For the Month Ended May 31
|
1
|
|
|
|
2
|
Cost of goods sold:
|
|
|
3
|
|
|
|
4
|
|
|
|
5
|
|
|
|
6
|
|
|
|
7
|
|
|
|
8
|
|
|
|
9
|
|
|
|
10
|
|
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
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
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College