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 Material handling $ 3,750 Purchases of raw materials 15,000 Materials inventory, May 1 3,475 Supplies used 675 Work-in-process inventory, May 1 12,500 Factory insurance Finished goods inventory, May 1 6,685 Commissions paid Materials inventory, May 31 9.500 Factory supervision Work-in-process inventory, May 31 14,250 Advertising 800 Finished goods inventory, May 31 4,250 350 2,500 2,225 Required: 1. Prepare a statement of cost of goods manufactured. 2. Prepare a statement of cost of goods sold