(Solved by Humans)-Problem 2-47 Cost of Goods Manufactured, Cost of Goods Sold Hayward Company, a manufacturing...

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Problem 2-47        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.       Prepare a statement of cost of goods manufactured. 2.       Prepare a statement of cost of goods sold.