Hayward Company, a manufacturing firm, has supplied the following information from its accounting records for 2020: Direct labour cost $10,500 Purchase of raw materials $15,000 Supplies used $675 Factory insurance $350 Factory supervision $2,225 Material handling $3,745 Work-in-process inventory, January 1, 2020 $12,500 Work-in-process inventory, December 31, 2020 $14,250 Materials inventory, January 1, 2020 $3,475 Materials inventory, December 31, 2020 $9,500 Finished goods inventory, January 1, 2020 $6,685 Finished goods inventory, December 31, 2020 $4,250 1. Prepare a statement of cost of goods manufactured. 2. Prepare a statement of cost of goods sold (i.e., the cost of goods sold section on the income statement)