Rainier Company Yakima Company $280,000.00 177,000.00 175,000.00 340,000.00 2 Ma

Question

Rainier Company Yakima Company $280,000.00 177,000.00 175,000.00 340,000.00 2 Materials inventory, May 1 3 Materials inventory. May 31 4Materials purchased 5 Cost of direct materials used in production 6 Direct labor 7 Factory overhead 8 Total manufacturing costs incurred May 9 Total manufacturing costs 10 Work in process inventory. May 1 11 Work in process inventory, May 31 12 Cost of goods manufactured 13 Finished goods inventory, May 1 14 Finished goods inventory, May 31 15 Sales 16 Cost of goods sold 17 Gross profit 18 Operating expenses 19 Net income 712,600.00 752,800.00 1,059,800.00 326,600.00 179,400.00 1,038,000.00 1,480,500.00 442,500.00 .679,200.00 1,4 540,000.00 451,400.00 1,026,500.00 75,200.00 200,000.00 495,600.00 ,142,000.00 1,679,000.00 ,048,500.00 45,000.00 384,100.00

Explanation / Answer

Solution b & c:

Solution a:

From workings in part b & c, missing balance statement are as under:

Statement of cost of goods manufactured Particulars Rainier Company Yakima Company Details Amount Details Amount Direct Material Consumed: Opening raw material inventory $280,000.00 $177,000.00 Material Purchased $712,600.00 $340,000.00 Ending raw material inventory (a)
Rainier Company - ($280,000 + $712,600 - $752,800) $239,800.00 $175,000.00 Cost of direct material used in production (a) $752,800.00 $342,000.00 Direct labor (b)
Yakima Company - ($1,038,000 - $342,000 - $179,400) $1,059,800.00 $516,600.00 Factory Overhead $326,600.00 $179,400.00 Total Manufacturing Cost incurred May (b)
Rainier Company = ($752,800 + $1,059,800 + $326,600) $2,139,200.00 $1,038,000.00 Add: Opening WIP $540,000.00 $442,500.00 Less: Ending WIP ( c )
Yakima Company - ($1,038,000 + $442,500 - $1,026,500) $451,400.00 $454,000.00 Cost of goods manufactured ( c )
Rainier Company - ($2,139,200 + $540,000 - $451,400) $2,227,800.00 $1,026,500.00

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.