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E1-8 Lopez Corporation

Price: $1.99


E1-8 Lopez Corporation incurred the following costs while manufacturing its product.


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







Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished
goods inventory was $60,000 at January 1 and $45,600 at December 31.

Instructions
(a) Compute cost of goods manufactured.
(b) Compute cost of goods sold.

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