Instructions Hayward Company, a manufacturing firm, has supplied the following information from its accounting records for the month of May $10,500 Direct labor cost Purchases of raw materials 15,000 Supplies used Factory Insurance 350 Commissions paid 2,500 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 Factory insurance Previous Next > Check My Work 5 more Check My Work uses remaining. All work saved Email Instructor Save and Exit Submit Assignment for Grading delete 8 9 0 3,475 Materials inventory, May 1 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 Finished goods inventory, May 31 14,250 4,250 Required: 1. Prepare a statement of cost of goods manufactured 2. Prepare a statement of cost of goods sold. Factory insurance Check My Work 5 more Check My Work uses remaining, 5 more Check My Work usos remaining.