Having trouble finding the cost of goods manufactured and then cost of goods sol

Question

Having trouble finding the cost of goods manufactured and then cost of goods sold. Please explain which costs are used to get to the solution. Thank you.

ae WileyPLUS Lopez Corporation ncurred the following costs while Weygandt, Financial & Managerial Accounting, 2e Help I System Announcements PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES Exercise 15-8 Lopez Corporation incurred the following costs while manufacturing its product. Assignments Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $50,200 16,000 25,600 44,100 55,100 $124,900 Advertising expense 66,100 Property taxes on plant 8,290 Delivery expense Exercise 15-5 120,700 32,700 Sales commissions Salaries paid to sales clerks se 1 Work in process inventory was $13,000 at January 1 and $17,600 at December 31. Finished goods inventory was $69,500 at January 1 and $48,900 at December 31 Review Score Review Results by Study Your answer is incorrect. Try again. Compute cost of goods manufactured Cost of goods manufactured 543,690 LINK TO TEXT Your answer is incorrect. Try again. Compute cost of goods sold. Cost of goods sold LINK TO TEXT

Explanation / Answer

Calculate Cost of goods manufactured Particulars Amount ($) Amount($) Materials used in product $          124,900 labor cost of assembly line workers $          120,700 Factory overheads Deprecaition on plant $           66,100 property taxes on plant $           16,000 factory supplies used $           32,700 Add : work in progress opening $           13,000 less: work in progress closing $         (17,600) $          110,200 Cost of goods manufactured $          355,800 Calculate cost of goods sold Particulars Amount ($) Amount($) Beginning finished goods $            69,500 Cost of goods manufactured $          355,800 less:ending finished goods   $          (48,900) Cost of goods sold $          376,400

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