Reference no: EM132501037
Lopez Corporation incurred the following costs while manufacturing its product.
Materials used in product $121,500
Advertising expense 53,200
Depreciation on plant 68,900
Property taxes on plant 15,600
Property taxes on store 8,110
Delivery expense 22,500
Labor costs of assembly-line workers 117,400
Sales commissions 46,000
Factory supplies used 28,200
Salaries paid to sales clerks 56,600
- Work in process inventory was $13,300 at January 1 and $16,700 at December 31. Finished goods inventory was $66,000 at January 1 and $47,400 at December 31.
Question 1: Compute cost of goods manufactured:
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