Chapter 1, Problem 1.8E

Lopez Corporation incurred the following costs while manufacturing its product.

Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished goods inventory was $60,000 at January 1 and $45,600 at December 31.

Instructions

(a) Compute cost of goods manufactured.

(b) Compute cost of goods sold.

Compute cost of goods manufactured and sold.

(LO 3), AP