Cost of goods manufactured statement

Hello, I need help with this homework assignment from my
accounting class? PR 18-4A Manufacturing income statement, statement of cost of goods manufactured OBJ. 2,4 Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of Mav, Yakima Rainier Company 100,000 Company \$ 48,200 50,000 710,000 Materials inventory, May 1 Materials inventory, May 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during May Total manufacturing costs Work in process inventory, May 1 Work in process inventory, May 31 Cost of goods manufactured Finished goods inventory, May 1 Finished goods inventory, May 3 Sales Cost of goods sold Gross profit Operating expenses Net income 950,000 938,500 2,860,000 1,800,000 446,000 2,484,200 2,660,600 176,400 5,598,500 400,000 382,000 2,491,500 190,000 615,000 596,500 9,220,000 4,550,000 2,470,000 1,000,000 1,500,000 Instructions 1. Determine the amounts of the missing items, identifying them by letter 2. Prepare Yakima Company’s statement of cost of goods manufactured for May. 3. Prepare Yakima Company’s income statement for May.

Also Read :   Fascinating and Fun Fields of Psychology for Students to Consider
 S. No. R Company Y Company a. Material Inventory , 31 May = 100000+950000-938500=1,11,500 Cost of DM used in Production= 48200+710000-50000=708200 b. Total Manufacturing Cost incurred = 938500+2860000+1800000=5,598,500 Direct Labour :-=1330000 2484200-708200-446000 c. Cost of Goods Manufactured = 5598500+400000-382000=5,616,500 WIP 31 May, 2484200+176400-2491500=169100 d. Cost of Goods Sold:- 5,616,500+615,000-5,96,500=5,635,000 Finished Good 31 May:- 2491500+190000-2470000=\$211500 e. Gross Profit:- 92,20,000-56,35,000=35,85,000 Gross Profit 4550000-2470000=20,80,000 f. Net Income:- 35,85,000-1000,000=\$25,85,000 Operating Expense- 20,80,000-15,00,000=5,80,000
 Yakima Company Statement of Cost of Goods Manufactured For the Month Ended December 31, Work in process inventory, December 1, 2014 1,76,400 Direct materials: Materials inventory, December 1, 2014 48,200 Purchases 7,10,000 Cost of materials available for use 7,58,200 Less materials inventory, December 31, 2014 -50,000 Cost of direct materials used in production 7,08,200 Direct labor 13,30,000 Factory overhead 4,46,000 Total manufacturing costs incurred during December 24,84,200 Total manufacturing costs 26,60,600 Less-Work in process inventory, December 31, 2014 -1,69,100 Cost of goods manufactured 24,91,500
Also Read :   Jonas’ or Jonas’s or ….?
 Yakima Company Income Statement For the Month Ended December 31, 2014 Sales 45,50,000 Cost of goods sold: Finished goods inventory, December 1, 2014 1,90,000 Cost of goods manufactured 24,91,500 Cost of finished goods available for sale 26,81,500 Less-Finished goods inventory, December 31, 2014 -2,11,500 Cost of goods sold 24,70,000 Gross profit 20,80,000 Operating expenses 5,80,000 Net Income 15,00,000
Latest posts by Answer Prime (see all)