FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Required:

1. Prepare a statement of cost of goods manufactured.

2. Prepare a statement of cost of go

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 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 Purchases of raw materials 15,000 3,475 Supplies used 675 12,500 Factory insurance 350 6,685 9,500 Commissions paid Factory supervision Advertising 2,500 2,225 14,250 800 4,250
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Transcribed Image Text: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 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 Purchases of raw materials 15,000 3,475 Supplies used 675 12,500 Factory insurance 350 6,685 9,500 Commissions paid Factory supervision Advertising 2,500 2,225 14,250 800 4,250
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