Cost of goods manufactured statement

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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 Companys statement of cost of goods manufactured for May. 3. Prepare Yakima Companys income statement for May. 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.

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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
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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

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