Question

Obj. 4 anufactured statement Company PR 15-4A Manufacturing income statement, statement of cost of goods manufactured 1. 8. Yakima Several items are omitted from the income statement and cost of goods manufactured stas Company, data for two different companies for the month of May: $1,330,000 Rainier Yakima Company Materials inventory, May 1 $ 100,000 48,200 Materials inventory, May 31 (A) EXCEL TEMPLATE 50,000 Materials purchased 950,000 710,000 Cost of direct materials used in production 938,500 Direct labor 2,860,000 Factory overhead 1,800,000 446,000 Total manufacturing costs incurred in May 2,484,200 (B) (8)

Answer 1

1.

	Rainier Company	Yakima Company
A	111500	708200
B	5598500	1330000
C	5616500	169100
D	5635000	211500
E	3585000	2080000
F	2585000	580000

2.

Yakima Company
Cost of goods manufactured
Direct Materials
Raw materials inventory , May 1	48200
Add: Raw Materials purchase	710000
Direct Materials available for use	758200
Less: Raw materials inventory,, Oct 31	50000
Direct materials used in production		708200
Direct Labor		1330000
Factory overhead		446000
Total manufacturing costs			2484200
Work in process inventory, May 1			176400
Total manufacturing costs			2660600
Less: work in process inventory,May 31			169100
Cost of goods manufactured			2491500

3.

Yakima Company
Income Statement
Sales revenue		4550000
Cost of goods sold
Finished goods inventory, May 1	190000
Cost of goods manufactured	2491500
Cost of goods available for sale	2681500
Less: Finished goods inventory, May 31	211500
Cost of goods sold		2470000
Gross Profit		2080000
Operating expenses		580000
Net Income		1500000

Workings:

Rainier Company
Cost of goods manufactured
Direct Materials
Raw materials inventory , May 1	100000
Add: Raw Materials purchase	950000
Direct Materials available for use	1050000
Less: Raw materials inventory,, Oct 31	111500
Direct materials used in production		938500
Direct Labor		2860000
Factory overhead		1800000
Total manufacturing costs			5598500
Work in process inventory, May 1			400000
Total cost of work in process			5998500
Less: work in process inventory,May 31			382000
Cost of goods manufactured			5616500

Rainier Company
Income Statement
Sales revenue		9220000
Cost of goods sold
Finished goods inventory, May 1	615000
Cost of goods manufactured	5616500
Cost of goods available for sale	6231500
Less: Finished goods inventory, May 31	596500
Cost of goods sold		5635000
Gross Profit		3585000
Operating expenses		1000000
Net Income		2585000