Lopez Corporation incurred the following costs while manufacturing its product.
| Materials used in product |
|
$127,450 |
|
Advertising expense |
|
$54,830 |
| Depreciation on plant |
|
63,900 |
|
Property taxes on plant |
|
24,550 |
| Property taxes on store |
|
7,650 |
|
Delivery expense |
|
26,810 |
| Labor costs of assembly-line workers |
|
111,330 |
|
Sales commissions |
|
42,410 |
| Factory supplies used |
|
28,550 |
|
Salaries paid to sales clerks |
|
52,890 |
Work in process inventory was $14,310 at January 1 and $17,020 at December 31. Finished goods inventory was $66,100 at January 1 and $45,960 at December 31.
Compute cost of goods manufactured.
Compute cost of goods sold.