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 $ 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 $10,500 Purchases of raw materials 15,000 3,475 Supplies used Factory insurance Commissions paid Factory supervision Advertising 675 12,500 350 6,685 2,500 9,500 2,225 14,250 800 4,250 equired: . Prepare a statement of cost of goods manufactured. . Prepare a statement of cost of goods sold.
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 $ 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 $10,500 Purchases of raw materials 15,000 3,475 Supplies used Factory insurance Commissions paid Factory supervision Advertising 675 12,500 350 6,685 2,500 9,500 2,225 14,250 800 4,250 equired: . Prepare a statement of cost of goods manufactured. . Prepare a statement of cost of goods sold.
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter2: Basic Managerial Accounting Concepts
Section: Chapter Questions
Problem 58P: Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners...
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