Reference no: EM132730184

Question - Cost of Goods Manufactured, Cost of Goods Sold

Hayward Company, a manufacturing firm, has supplied the following information from its accounting records for the month of May:

Direct labor cost $10,500

Material handling $3,750

Purchases of raw materials 15,000

Materials inventory, May 1 3,475

Supplies used 675

Work-in-process inventory, May 1 12,500

Factory insurance 350

Finished goods inventory, May 1 6,685

Commissions paid 2,500

Materials inventory, May 31 9,500

Factory supervision 2,225

Work-in-process inventory, May 31 14,250

Advertising 800

Finished goods inventory, May 31 4,250

Required -

1. Create a statement of cost of goods manufactured.

2. Create a statement of cost of goods sold.