hayward company a manufacturing firm has supplied the followin 369056

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 handling …………………………………………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.