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(Solved): 4) Please help me with the red spots, idk why its wrong. Manufacturing income statement, statement o ...
4) Please help me with the red spots, idk why its wrong.
Manufacturing income statement, statement of cost of goods manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different comnanies for the month of Mav. 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.
a. Determine the amounts of the missing items, identifying them by lefter. Additional instruction
Yakima Company Income Statement 1 Sales (Label) \( \$ 4,550,000.00 \) 2 Cost of goods sold: 3 Finished goods inventory, May 1 \begin{tabular}{l} 4 Cost of goods manufactured \\ 3 Cost of finished goods avallable for sale \\ \hline \end{tabular} 6 Finished goods inventory, May 31 7. Cost of goods sold 1. Gross profit 9. Operating expenses 10. Net income
Answer 1. Rainier Company: Cost of direct materials used in production = Materials inventory, May 1 + Materials purchased - Materials inventory, May 31 $938,500 = $100,000 + $950,000 - Materials inventory, May 31 Materials inventory, May 31 = $111,50