lopez corporation incurred the following costs while manufacturing its product 537399
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lopez corporation incurred the following costs while manufacturing its product 537399
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Lopez Corporation incurred the following costs while manufacturing its product.
Materials used in product
$120,000
Advertising expense
$45,000
Depreciation on plant
60,000
Property taxes on plant
14,000
Property taxes on store
7,500
Delivery expense
21,000
Labor costs of assembly-line
Sales commissions
35,000
workers
110,000
Salaries paid to sales
Factory supplies used
23,000
clerks
50,000
Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished goods inventory was $60,000 at January 1 and $45,600 at December
31.
Instructions
(a) Compute cost of goods manufactured.
(b) Compute cost of goods sold.
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