Question

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 114,800 Sales commissions Factory supplies used $55,800 23,100 24,800 43,600 60,400 $128,900 Advertising expense 63,400 Property taxes on plant 8,280 Delivery expense 32,100 Salaries paid to sales clerks Work in process inventory was $14,200 at January 1 and $16,900 at December 31. Finished goods inventory was $63,300 at January 1 and $48,200 at December 31.

Compute cost of goods manufactured. Cost of goods manufactured
Compute cost of goods sold Cost of goods sold

Answer 1

The missing data of this question is reproduced as follows;

Materials Used 128,900

Depreciation on plant 63,400

Property taxes on store 8,280

Labor cost of assembly workers 114,800

Factory supplies used 32,100

Advertising expense 55,800

Property taxes on plant 23,100

Delivery expense 24,800

Sales commission 43,600

Salaries paid to sales clerk; 60,400

Step-by-step explanation:

Cost of Goods Manufactured

Materials Used 128,900

Depreciation on plant 63,400

Property taxes on plant 23,100

Labor cost of assembly workers 114,800

Factory supplies used 32,100

WIP Beginning 14,200

Less;WIP closing (16,900)

Cost of Goods Manufactured 359,600

Cost of Goods Sold

Opening Finished Goods 63,300

Cost of goods manufactured 359,600

Less; Closing Fininsed goods (48,200)

Cost of Goods Sold 374,700