Required: Compute cost of goods manufactured. Lopez Corporation incurred the following costs while manufacturing its product. Materials

Required:

 Compute cost of goods manufactured.

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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 insembly line workers Factory supplies used $126400 61,000 7,650 113.500 29.300 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $54,100 21,800 27,300 38,400 55,400 Work in process inventory was $14.600 at January 1 and $16,700 at December 31. Finished goods inventory was $70.900 at January 1 and $49,100 at December 31. Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of insembly line workers Factory supplies used $126400 61,000 7,650 113.500 29.300 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $54,100 21,800 27,300 38,400 55,400 Work in process inventory was $14.600 at January 1 and $16,700 at December 31. Finished goods inventory was $70.900 at January 1 and $49,100 at December 31.

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Cost of goods manufactured COGM is a managerial accounting term that ... View the full answer