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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
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: | |
1. | Prepare a statement of cost of goods manufactured. |
2. | Prepare a statement of cost of goods sold. |
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