How). WHILUM Problem 2-55 Cost of Goods Manufactured, Cost of Goods Sold Hayward Company, a manufacturing firm, has supplied the following information from its ac- counting records for the month of May: Direct labor cost $10,500 $ 3.750 Material handling Purchases of raw materials 15,000 Materials inventory, May 1 3.475 Work-in-process inventory, May 1 Supplies used 12,500 350 Factory insurance 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 Finished goods inventory, May 31 800 4,250 Advertising 675 Required: 1. Prepare a statement of cost of goods manufactured. 2. Prepare a statement of cost of goods sold