Reference no: EM13591155

Lopez Corporation incurred the following costs while manufacturing its product.

• Material used in a product - $120,000
• Depreciation on plant - 60,000
• Dispatcher's salary -5,000
• Property taxes on store -7,500
• Labor costs of assembly-line workers- 110,000
• Factory supplies- 23,000
• Advertising expense- 45,000
• Property taxes on plant- 14,000
• Delivery expense - 21,000
• Sales commissions - 35,000
• Salaries paid to sales clerks - 50,000

Work in process inventory was $12,000 at January 1 and $15,000 at December 31. Finished goods inventory was $60,000 at January 1 and $45,600 at December 31.

(A) compute cost of goods manufactured
(b) compute cost of goods sold.