Question

Instructions Hayward Company, a manufacturing firm, has supplied the following information from its accounting records for the month of May $10,500 Direct labor cost Purchases of raw materials 15,000 Supplies used Factory Insurance 350 Commissions paid 2,500 Factory supervision Advertising Material handing 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 Factory insurance Previous Next > Check My Work 5 more Check My Work uses remaining. All work saved Email Instructor Save and Exit Submit Assignment for Grading delete 8 9 0

Answer 1

Cost of goods manufactured Particulars Amount Direct materials used $ 8,975.00 =3475+15000-9500 Direct labor $ 10,500.00 Supplies used $ 675.00 Factory insurance $ 350.00 Factorysupervision $ 2,225.00 Material handling $ 3,750.00 Total manufacturing costs $ 26,475.00 Work in process inventory, May 1 $ 12,500.00 $ 38,975.00 Work in process inventory, May 31 $14,250.00 Cost of goods manufactured $ 24,725.00 Cost of goods sold Particulars Finished goods inventory, May 1 Cost of goods manufactured Total goods available for sale Finished goods inventory, May 31 Cost of goods sold Amount $ 6,685.00 $ 24,725.00 $31,410.00 $ 4,250.00 $ 27,160.00