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 handing 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 Question Content Area 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 usedFactory insuranceMaterial handlingMaterials inventory, May 1 $ Select Direct laborFactory suppliesMaterials inventory, May 31Purchase of raw materials Select Manufacturing overhead Direct laborFactory suppliesFinished goods inventory, May 1Work in process, May 1 $ Select Direct materials usedFactory insuranceMaterials inventory, May 31Work in process, May 31 Select AdvertisingDirect laborFactory supervisionWork in process, May 1 Select Cost of goods soldFinished goods inventory, May 31Material handlingWork in process, May 31 Select Select Total manufacturing cost for May $fill in the blank e76e5dff0fadfca 14 Direct laborFactory suppliesFinished goods inventory, May 1Work in process, May 1 Select Factory insuranceFactory suppliesFinished goods inventory, May 31Work in process, May 31 Select Cost of goods manufactured $fill in the blank e76e5dff0fadfca 19 Question Content Area 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 manufacturedDirect laborDirect materials used $ Select Cost of goods soldFinished goods inventory, May 1Work in process, May 1 Select Direct laborFinished goods inventory, May 31Work in process, May 31 Select Cost of goods manufacturedCost of goods soldWork in process, May 31 $ Select

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Posted on Sep 16, 2024

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 handing	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:

Question Content Area

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 usedFactory insuranceMaterial handlingMaterials inventory, May 1		$- Select -
Direct laborFactory suppliesMaterials inventory, May 31Purchase of raw materials		- Select -
Manufacturing overhead:
Direct laborFactory suppliesFinished goods inventory, May 1Work in process, May 1	$- Select -
Direct materials usedFactory insuranceMaterials inventory, May 31Work in process, May 31	- Select -
AdvertisingDirect laborFactory supervisionWork in process, May 1	- Select -
Cost of goods soldFinished goods inventory, May 31Material handlingWork in process, May 31	- Select -	- Select -
Total manufacturing cost for May		$fill in the blank e76e5dff0fadfca_14
Direct laborFactory suppliesFinished goods inventory, May 1Work in process, May 1		- Select -
Factory insuranceFactory suppliesFinished goods inventory, May 31Work in process, May 31		- Select -
Cost of goods manufactured		$fill in the blank e76e5dff0fadfca_19

Question Content Area

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 manufacturedDirect laborDirect materials used	$- Select -
Cost of goods soldFinished goods inventory, May 1Work in process, May 1	- Select -
Direct laborFinished goods inventory, May 31Work in process, May 31	- Select -
Cost of goods manufacturedCost of goods soldWork in process, May 31	$- Select -