Work in process inventory was $14,500 at January 1 and $16,800 at December 31. F

Question

Work in process inventory was $14,500 at January 1 and $16,800 at December 31. Finished goods inventory was $69,500 at January 1 and $46,000 at December 31.

Question 4 Lopez Corporation incurred the following costs while manufacturing its product. Materlals used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers 111,300 Sales commissions Factory supplies used $129,100 Advertising expense $53,200 16,000 24,300 40,100 57,100 64,600 Property taxes on plant 8,160 Delivery expense 28,700 Salaries paid to sales clerks Work in process inventory was $14,500 at January 1 and $16,800 at December 31. Finished goods inventory was $69,500 at January 1 and $46,000 at December 31 Compute cost of goods manufactured Cost of goods manufactured LINK TO TEXT Compute cost of goods sold Cost of goods sold INK TO TEXT

Explanation / Answer

Solution :

Lopez Corporation Schedule of cost of goods manufactured Particulars Details Amount Direct material used $129,100.00 Direct labor $111,300.00 Manufacturing overhead: Depreciation on Plant $64,600.00 Factory supplies used $28,700.00 Property tax on plant $16,000.00 Total manufacturing overhead $109,300.00 Total manufacturing cost for the year $349,700.00 Add: Beginning WIP $14,500.00 Total cost of work in process during the year $364,200.00 Less: Ending WIP $16,800.00 Cost of goods manufactured $347,400.00

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