Lopez corporation incurred the following costs while, Ask an Expert

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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.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9955879

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