Lopez Corporation incurred the following costs while manufacturing its product.

Work-in-process inventory was $13,080 at January 1 and $16,960 at December 31. Finished goods inventory was $66,540 at January 1 and $58,230 at December 31.
(a) Compute cost of goods manufactured.(b) Compute cost of goods sold.

Transcribed Image Text:

S105,300 Advertising expense Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $51,030 18,360 23.540 43,580 59,940 69,500 Property taxes on plant 7,640 Delivery expense 119,370 31,660 Sales commissions Salaries paid to sales clerks