Exercise 14-8 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 Factory supplies used Compute cost of goods manufactured. Cost of goods manufactured $ LINK TO TEXT $128,450 68,460 7,780 112,650 Compute cost of goods sold. Cost of goods sold $ Advertising expense Property taxes on plant Delivery expense Sales commissions 32,520 Salaries paid to sales clerks Work in process inventory was $13,110 at January 1 and $16,700 at December 31. Finished goods inventory was $70,930 at January 1 and $47,100 at December 31. $48,790 17,180 26,800 41,390 53,450

Exercise 14-8 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 Factory supplies used Compute cost of goods manufactured. Cost of goods manufactured $ LINK TO TEXT $128,450 68,460 7,780 112,650 Compute cost of goods sold. Cost of goods sold $ Advertising expense Property taxes on plant Delivery expense Sales commissions 32,520 Salaries paid to sales clerks Work in process inventory was $13,110 at January 1 and $16,700 at December 31. Finished goods inventory was $70,930 at January 1 and $47,100 at December 31. $48,790 17,180 26,800 41,390 53,450

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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