Lopez Corporation incurred the following costs while manufacturing its product.
Materials used in product $122,200 Advertising expense $49,900
Depreciation on plant 69,200 Property taxes on plant 17,600
Property taxes on store 8,590 Delivery expense 28,300
Labor costs of assembly-line workers 113,100 Sales commissions 44,400
Factory supplies used 34,000 Salaries paid to sales clerks 51,300
Work in process inventory was $13,300 at January 1 and $17,200 at December 31. Finished goods inventory was $68,800 at January 1 and $47,900 at December 31.
Required:
a. Compute cost of goods manufactured.
b. Compute cost of goods sold.
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Lopez Corporation incurred the following costs while manufacturing its product.
Materials used in p...
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