An asterisk (*) will appear to the right of an incorrect entry.
1.
Rainier
Company
Yakima
Company
Materials inventory, May 1
Materials inventory, May 31
Materials purchased 950,000 710,000
Cost of direct materials used in production 938,500 (a)
Direct labor 2,860,000 (b)
Total manufacturing costs incurred during May
Total manufacturing costs
5,998,500 2,660,600
Work in process inventory, May 1 400,000 176,400
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
Net income (f) 1,500,000
2.
Work in process inventory, May 1
Cost of direct materials used
Direct labor
Factory overhead
Total manufacturing costs incurred during May
Total manufacturing costs
Cost of goods manufactured
3.
Sales
Cost of goods sold
Gross profit
Operating expenses
Net income
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Instructions
Problem 15(1)-4A
0%
Yakima Company
Income Statement
For the Month Ended May 31
Yakima Company
Statement of Cost of Goods Manufactured
For the Month Ended May 31
An asterisk (*) will appear to the right of an incorrect entry.
1.
Rainier
Company
Yakima
Company
Materials inventory, May 1
Materials inventory, May 31
Materials purchased 950,000 710,000
Cost of direct materials used in production 938,500 (a) 708,200
Direct labor 2,860,000 (b) 1,330,000
Total manufacturing costs incurred during May
Total manufacturing costs
5,998,500 2,660,600
Work in process inventory, May 1 400,000 176,400
Cost of goods manufactured
Finished goods inventory, May 1 615,000 190,000
Finished goods inventory, May 31 596,500 (d) 211,500
Sales
2.
Work in process inventory, May 1 176,400$
Purchases
Cost of direct materials used 708,200$
Direct labor 1,330,000
Total manufacturing costs incurred during May
Total manufacturing costs
3.
Sales
4,550,000$
Cost of goods sold:
Yakima Company
Income Statement
For the Month Ended May 31
Instructions
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ON
For the Month Ended May 31
Yakima Company
Statement of Cost of Goods Manufactured
Cells with non-gray backgrounds are protected and cannot be edited.
Problem 15(1)-4A
Solution