Hayward Company, a manufacturing firm, has supplied the following information from its accounting records for the month of May:

Required:
1. Prepare a statement of cost of goods manufactured.
2. Prepare a statement of cost of goods sold.

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3,750 Direct labor cost Purchases of raw materials Supplies used Factory insurance Commissions paid Factory supervision Advertising $10,500 Material handling Materials inventory, May1 675 Work-in-process inventory, May 1 350 Finished goods inventory, May 1 15,000 12,500 Materials inventory, May 31 9,500 14,250 4,250 2,500 2,225 Work-in-process inventory, May 31 800 Finished goods inventory, May 31