Instructions Hayward Company, a manufacturing firm, has supplied the following information from its accounting records for the month of May $10,500 15,000 675 350 2,500 2,225 800 Direct labor cost Purchases of raw materials Supplies used Factory insurance Commissions paid Factory supervision Advertising Material handing Materials inventory, May 1 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 3.750 3,475 12,500 6,685 9.500 14.250 4.250 Required: 1. Prepare a statement of cost of goods manufactured 2. Prepare a statement of cost of goods sold