Question

I need help with statement of Goods manufactured. I got everything except these are the wrong answers I got from it. Rest I have right.

Materials inventory, May 31 - 50,000

Cost of direct materials used in production 708,200

Work in progress inventory May 31 169100

Cost of goods manufactured 2,491,500

Again these were the incorrect inputs in that section.

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 in 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. 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.

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.

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	✔

Answer 1