E19-8 Lopez Corporation incurred the following costs while manufacturing its pro

Question

E19-8 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 S120,000 60,000 7,500 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales $45,00 14.00 21.00 35,000 workers Factory supplies used Work in process inventory was s12.000 at January I and $15,500 at December 31. Finished goods inventory was $60,000 at January 1 and $45.600 at December 31 110,000 23,000 clerks 50,000 Instructions (a) Compute cost of goods manufactured. (b) Compute cost of goods sold.

Explanation / Answer

Working:

(a) Cost of goods manufactured 331500 (b) Cost of goods sold 345900

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