Lopez Corporation incurred the following costs while manufac

Lopez Corporation incurred the following costs while manufacturing its product Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers 119,500 Sales commissions Factory supplies used $48,600 18,700 30,900 37,900 60,600 124,000 Advertising expense 67,300 Property taxes on plant 7,960 Delivery expense 26,500 Salaries paid to sales clerks Work in process inventory was $13,000 at January 1 and $17,100 at December 31. Finished goods inventory was $69,400 at January 1 and $48,200 at December 31. Your answer is incorrect. Thy again Compute cost of goods manufactured. Cost of goods manufactured 386100 Your answer is incorrect. Try again Compute cost of goods sold Cost of goods sold 407300

Solution

Cost of Goods Manufactured Material Used in Product 124000 Direct Labor 119500 Overhead Cost Factory Supplies 26500 Depreciation on Plant 67300 Propert tax on Plant 18700 112500 Total Manufacturing costs 356000 Work-in-Process Inventory 13000 Total Manufacturing Costs to Account for 369000 Work-in-Process Inventory 17100 Cost of Goods Manufactured 351900 Finished Goods Inventory, Beginning 69400 Cost of Goods Manufactured 351900 Total Goods Available for Sale 421300 Finished Goods Inventory, Ending 48200 Cost of Goods sold 373100