(Solved by Humans)-Problem 13-54 COST OF GOODS MANUFACTURED, COST OF GOODS SOLD Hayward Company, a manufacturing...

Paper Details

Problem 13-54 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 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.