Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on...

 

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Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $120,000 Advertising expense $45,000 60,000 Property taxes on plant 14,000 7,500 Delivery expense 21,000 Sales commissions 35,000 110,000 Salaries paid to sales 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. Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $120,000 Advertising expense $45,000 60,000 Property taxes on plant 14,000 7,500 Delivery expense 21,000 Sales commissions 35,000 110,000 Salaries paid to sales 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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a To compute the cost of goods manufactured we need to sum up all the costs incurred by Lope... View the full answer