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.

Check Figure:Cost of goods manufactured = $24,725

1. create a statement of cost of goods sold.