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 SoldHayward Company, a manufacturing firm, has supplied the following information from its ac-counting records for the month of May:Direct labor cost$10,500$ 3,750Material handlingMaterials inventory, May 1Work-in-process inventory, May 1Finished goods inventory, May 1Materials inventory, May 31Work-in-process inventory, May 31Finished goods inventory, May 31Purchases of raw materials15,0003,475Supplies used67512,500Factory insurance3506,6859,500Commissions paidFactory supervisionAdvertising2,5002,22514,2508004,250

Statement of Cost of Goods Manufactured: Cost of goods manufactured can be defined as the total…

Answered: 1. Prepare a statement of cost of goods…

Business

Accounting

1. Prepare a statement of cost of goods manufactured. 2. Prepare a statement of cost of go

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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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