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Rainier Company Yakima Company 2 Materials inventory, May 1 $280,000.00 $177,000.00 3 Materials inventory. May 31 (a) 175,000.00 Materials purchased 712,600.00 340,000.00 4 5 Cost of direct materials used in production 752.800.00 (a) 6 Direct labor 1,059.800.00 (b) 7 Factory overhead 326,600.00 179.400.00 1,038.000.00 8 Total manufacturing costs incurred in May 9 Total manufacturing costs 2.679,200.00 1,480,500.00 10 Work in process inventory, May1 540,000.00 442,500.00 11 Work in process inventory, May 31 451.400.00 (c) 12 Cost of goods manufactured (c) 1,026.500.00 475.200.00 200.000.00 13 Finished goods inventory, May 1 495,600.00 (d) 14 Finished goods inventory, May 31 4,142.000.00 1,679.000.00 15 Sales (d) 1,048,500.00 16 Cost of goods sold 17 Gross profit (e) 18 Operating expenses 545.000.00 f) 384.100.00 19 Net income

Rainier Company Yakima Company 2 Materials inventory, May 1 $280,000.00 $177,000.00 3 Materials inventory. May 31 (a) 175,000.00 Materials purchased 712,600.00 340,000.00 4 5 Cost of direct materials used in production 752.800.00 (a) 6 Direct labor 1,059.800.00 (b) 7 Factory overhead 326,600.00 179.400.00 1,038.000.00 8 Total manufacturing costs incurred in May 9 Total manufacturing costs 2.679,200.00 1,480,500.00 10 Work in process inventory, May1 540,000.00 442,500.00 11 Work in process inventory, May 31 451.400.00 (c) 12 Cost of goods manufactured (c) 1,026.500.00 475.200.00 200.000.00 13 Finished goods inventory, May 1 495,600.00 (d) 14 Finished goods inventory, May 31 4,142.000.00 1,679.000.00 15 Sales (d) 1,048,500.00 16 Cost of goods sold 17 Gross profit (e) 18 Operating expenses 545.000.00 f) 384.100.00 19 Net income

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 27E: Selected information concerning the operations of a company for the year ended December 31 is as...
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Whats the income statement?
Yakima Company Income Statement For the Month Ended May 31 1 Sales 2 Cost of goods sold: Finished goods inventory, May 1 4 Cost of goods manufactured 5 Cost of finished goods available for sale 6 Finished goods inventory, May 31 7 Cost of goods sold 8 Gross profit 9 Operating expenses 10 Net income
Transcribed Image Text:Yakima Company Income Statement For the Month Ended May 31 1 Sales 2 Cost of goods sold: Finished goods inventory, May 1 4 Cost of goods manufactured 5 Cost of finished goods available for sale 6 Finished goods inventory, May 31 7 Cost of goods sold 8 Gross profit 9 Operating expenses 10 Net income
Rainier Company Yakima Company 1 2 Materials inventory, May 1 $280,000.00 $177,000.00 3 Materials inventory. May 31 (a) 175,000.00 Materials purchased 712.600.00 340,000.00 4. 5 Cost of direct materials used in production 752.800.00 (a) 6 Direct labor 1,059.800.00 b) 7 Factory overhead 326,600.00 179.400.00 1,038,000.00 8 Total manufacturing costs incurred in May 9 Total manufacturing costs 2.679,200.00 1,480,500.00 10 Work in process inventory, May 1 540,000.00 442,500.00 11 Work in process inventory, May 31 451.400.00 (c) 12 Cost of goods manufactured (c) 1.026,500.00 13 Finished goods inventory, May 1 475.200.00 200,000.00 14 Finished goods inventory, May 31 495.600.00 4,142.000.00 1,679.000.00 15 Sales (d) 1.048,500.00 16 Cost of goods sold 17 Gross profit (e) (e) 545.000.00 (f) 13 Operating expenses (f) 384,100.00 19 Net income
Transcribed Image Text:Rainier Company Yakima Company 1 2 Materials inventory, May 1 $280,000.00 $177,000.00 3 Materials inventory. May 31 (a) 175,000.00 Materials purchased 712.600.00 340,000.00 4. 5 Cost of direct materials used in production 752.800.00 (a) 6 Direct labor 1,059.800.00 b) 7 Factory overhead 326,600.00 179.400.00 1,038,000.00 8 Total manufacturing costs incurred in May 9 Total manufacturing costs 2.679,200.00 1,480,500.00 10 Work in process inventory, May 1 540,000.00 442,500.00 11 Work in process inventory, May 31 451.400.00 (c) 12 Cost of goods manufactured (c) 1.026,500.00 13 Finished goods inventory, May 1 475.200.00 200,000.00 14 Finished goods inventory, May 31 495.600.00 4,142.000.00 1,679.000.00 15 Sales (d) 1.048,500.00 16 Cost of goods sold 17 Gross profit (e) (e) 545.000.00 (f) 13 Operating expenses (f) 384,100.00 19 Net income
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