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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Required:
1. Prepare a statement of cost of goods manufactured.
2. Prepare a statement of cost of go

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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- Describe and compare the cost flow assumptions used to account for inventories.arrow_forwardExplain the flow of manufacturing costs through the inventories and into cost of goods sold.arrow_forwardA cost objective is: Select one: O A. Confined to direct costs O B. The purpose for which costs are accumulated O C. Relevant only to the manufacturing situation O D. All of the abovearrow_forward
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