Question

Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $130,300 Advertising expense $55,200 Depreciation on plant 62,500 Property taxes on plant 24,300 Property taxes on store 8,270 Delivery expense 26,100 Labor costs of assembly-line workers 116,100 Sales commissions 38,100 Factory supplies used 34,000 Salaries paid to sales clerks 59,300 Work in process inventory was $14,400 at January 1 and $17,600 at December 31. Finished goods inventory was $61,100 at January 1 and $48,500 at December 31.

Compute cost of goods manufactured.

Compute cost of goods sold.

Answer 1