Lopez corporation incurred the following costs while manufacturing its product. materials used in product $129,600 advertising expense $49,600 depreciation on plant 70,200 property taxes on plant 21,000 property taxes on store 7,690 delivery expense 31,400 labor costs of assembly-line workers 120,400 sales commissions 42,400 factory supplies used 29,200 salaries paid to sales clerks 54,400 work in process inventory was $14,400 at january 1 and $17,000 at december 31. finished goods inventory was $70,200 at january 1 and $46,400 at december 31. compute cost of goods manufactured. cost of goods manufactured $ compute cost of goods sold. cost of goods sold $

Cost of goods manufactured = $3,67,800

Cost of goods sold = $3,91,600

Explanation:

Manufacturing overhead = Depreciation on plant + Factory supplies used + Property tax on plant

                                          = $70,200 +  $29,200 + $21000

                                          = $120,400

Total manufacturing cost = Material used in production + Labour cost + Manufacturing overhead

                                          = 129,600 + 120,400 + 120,400

                                          = $370,400

Cost of goods manufactured = Total manufacturing cost + Beginning work in process -  Ending work in process

                                                = 370,400 + 14,400 - 17,000

                                                = $3,67,800

Cost of goods sold = Cost of goods manufactured + Beginning finished goods inventory - Ending finished goods inventory

                                = 367,800 + 70,200 - 46,400

                                = $3,91,600

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