Exercise 14-8 (Part Level Submission)
Lopez Corporation incurred the following costs while manufacturing its product.
| Materials used in product |
$128,020 |
Advertising expense |
$52,110 |
| Depreciation on plant |
66,220 |
Property taxes on plant |
24,570 |
| Property taxes on store |
8,020 |
Delivery expense |
22,650 |
| Labor costs of assembly-line workers |
117,080 |
Sales commissions |
36,130 |
| Factory supplies used |
25,170 |
Salaries paid to sales clerks |
59,610 |
Work in process inventory was $14,940 at January 1 and $16,630 at December 31. Finished goods inventory was $68,310 at January 1 and $45,790 at December 31.
Please answer and show the work for how you get
A. Cost of goods Manufactured
B. Cost of goods Sold