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 pald 2,500 Factory supervision 2,225 Advertising 800 Material handing 3,750 Materials inventory, May 1 3,475 12,500 6,685 Work-in-process inventory, May 1 Finished goods inventory, May 1 Materials inventory, May 31 Work-in-process inventory, May 31 Finished goods inventory, May 31 9,500 14,250 4,250 Required: 1. Prepare a statement of cost of goods manufactured. If an amount is negative, enter a minus (-) sign first. Hayward Company Statement of Cost of Goods Manufactured For the Month of May Direct materials used Direct labor Manufacturing overhead: Factory supplies Factory Insurance Factory supervision Material handling Total manufacturing cost for May Work in process, May 1 Work in process, May 31 Cost of goods manufactured 2. Prepare a statement of cost of goods sold. If an amount is negative, enter a minus (-) sign first. Hayward Company Statement of Cost of Goods Sold For the Month of May Cost of goods manufactured Finished goods inventory, May 1 Finished goods inventory, May 31 Cost of goods sold