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Compute cost of goods manufactured

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Reference no: EM131756266

Exercise 14-8 (Part Level Submission)

Lopez Corporation incurred the following costs while manufacturing its product.

Materials used in product $128,020 Advertising expense $52,110
Depreciation on plant 66,220 Property taxes on plant 24,570
Property taxes on store 8,020 Delivery expense 22,650
Labor costs of assembly-line workers 117,080 Sales commissions 36,130
Factory supplies used 25,170 Salaries paid to sales clerks 59,610

Work in process inventory was $14,940 at January 1 and $16,630 at December 31. Finished goods inventory was $68,310 at January 1 and $45,790 at December 31.

Please  answer and show the work  for how you get

A. Cost of goods Manufactured

B. Cost of goods Sold

Reference no: EM131756266

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