Hayward Company, a manufacturing firm, has supplied the following information from its accounting records for the month of May:
Direct labor cost $10,500
Purchases of raw materials 15,000
Supplies used 675
Factory insurance 350
Commissions paid 2,500
Factory supervision 2,225
Advertising 800
Material handing 3,750
Materials inventory, May 1 3,475
Work-in-process inventory, May 1 12,500
Finished goods inventory, May 1 6,685
Materials inventory, May 31 9,500
Work-in-process inventory, May 31 14,250
Finished goods inventory, May 31 4,250
Required:
1. Prepare a statement of cost of goods manufactured.
2. Prepare a statement of cost of goods sold.