Lopez Corporation incurred the following costs while manufacturing its product.
ID: 2569786 • Letter: L
Question
Lopez Corporation incurred the following costs while manufacturing its product.
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
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 54,400Explanation / Answer
Cost of Goods Manufactured During the year Opening Work in Process 14400 Add: Cost transferred to WIP material Used in product 129600 Depreciation on plant 70200 property tax on stores 7690 Labour cost of assembly line 120400 factory supplies 29200 Property tax on plant 21000 Total cost WIP 392490 Less: Closing cost of WIP 17000 Cost of Goods Manufactured during the year 375490
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