Question

Lopez Corporation incurred the following costs while manufacturing its product.

Materials used in product $130,000 Advertising expense $46,100
Depreciation on plant 64,500 Property taxes on plant 20,000
Property taxes on store 7,600 Delivery expense 26,800
Labor costs of assembly-line workers 120,900 Sales commissions 39,300
Factory supplies used 32,600 Salaries paid to sales clerks 54,900


Work in process inventory was $14,000 at January 1 and $16,700 at December 31. Finished goods inventory was $61,800 at January 1 and $49,800 at December 31.

Compute cost of goods manufactured. Cost of goods manufactured

Compute cost of goods sold. Cost of goods sold

please include all answers. thank you

0 0
Add a comment Improve this question Transcribed image text
Answer #1

a) Compute cost of goods manufactured
Materials used in product $130,000
Labor costs of assembly-line workers 120,900
Factory overheads
...Depreciation on plant 64,500
...Property taxes on plant 7,600
...Factory supplies used 32,600
Add WIP $14,000
Less: WIP $16,700
Cost of goods manufactured $352,900

(b) Compute cost of goods sold
Beginning FG $61,800
Cost of goods mfd $352,900
less Ending FG $49,800
COGS $364,900

The other items not used above are operating expenses and do not go into the calculation of either (a) or (b)

Add a comment
Know the answer?
Add Answer to:
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $130,000 Advertising...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $121,000 Advertising...

    Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $121,000 Advertising expense $46,000 Depreciation on plant 61,000 Property taxes on plant 15,000 Property taxes on store 7,600 Delivery expense 22,000 Labor costs of assembly-line workers 111,000 Sales commissions 36,000 Factory supplies used 24,000 Salaries paid to sales clerks 51,000 Work in process inventory was $13,000 at January 1 and $16,600 at December 31. Finished goods inventory was $61,000 at January 1 and $45,700 at December...

  • Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $121,000 Advertising...

    Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $121,000 Advertising expense $46,000 Depreciation on plant 61,000 Property taxes on plant 15,000 Property taxes on store 7,600 Delivery expense 22,000 Labor costs of assembly-line workers 111,000 Sales commissions 36,000 Factory supplies used 24,000 Salaries paid to sales clerks 51,000 Work in process inventory was $13,000 at January 1 and $16,600 at December 31. Finished goods inventory was $61,000 at January 1 and $45,700 at December...

  • Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on...

    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 $126,400 Advertising expense 61,000 Property taxes on plant 7,650 Delivery expense 113,500 Sales commissions 29,300 Salaries paid to sales clerks $54,100 21,800 27,300 38,400 55,400 Work in process inventory was $14,600 at January 1 and $16,700 at December 31. Finished goods inventory was $70,900 at January 1 and $49,100 at December...

  • Exercise 14-08 Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product...

    Exercise 14-08 Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $128,200 Advertising expense $47,700 Depreciation on plant 64,500 Property taxes on plant 22,300 Property taxes on store 8,540 Delivery expense 27,800 Labor costs of assembly-line workers 119,000 Sales commissions 38,900 Factory supplies used 33,500 Salaries paid to sales clerks 58,000 Work in process inventory was $13,500 at January 1 and $17,200 at December 31. Finished goods inventory was $68,400 at January 1 and $47,700...

  • Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $124,700 Advertising...

    Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $124,700 Advertising expense $50,500 Depreciation on plant 68,800 Property taxes on plant 22,700 Property taxes on store 8,230 Delivery expense 30,800 Labor costs of assembly-line workers 111,600 Sales commissions 41,800 Factory supplies used 25,300 Salaries paid to sales clerks 57,800 Work in process inventory was $14,200 at January 1 and $16,800 at December 31. Finished goods inventory was $69,300 at January 1 and $48,000 at December...

  • Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $122,200 Advertising...

    Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $122,200 Advertising expense $49,900 Depreciation on plant 69,200 Property taxes on plant 17,600 Property taxes on store 8,590 Delivery expense 28,300 Labor costs of assembly-line workers 113,100 Sales commissions 44,400 Factory supplies used 34,000 Salaries paid to sales clerks 51,300 Work in process inventory was $13,300 at January 1 and $17,200 at December 31. Finished goods inventory was $68,800 at January 1 and $47,900 at December...

  • Question 1 Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product...

    Question 1 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 $130,300 Advertising expense $55,200 24,300 26,100 38,100 59,300 62,500 Property taxes on plant 8,270 Delivery expense 116,100 Sales commissions 34,000 Salaries paid to sales clerks Work in process inventory was $14,400 at January 1 and $17,600 at December 31. Finished goods inventory was $61,100 at January 1 and $48,500...

  • Exercise 1-8 Lopez Corporation incurred the following costs while manufacturing its product. $48,30 Materials used in...

    Exercise 1-8 Lopez Corporation incurred the following costs while manufacturing its product. $48,30 Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $126,00 Adve 20. Advertising expense 65,900 Property taxes on plant 8,030 Delivery expense 115,200 Sales commissions Salaries paid to sales clerks 23,500 30,200 37,200 55,400 Work in process inventory was $14,400 at January 1 and $17,400 at December 31. Finished goods inventory was $64,000 at January 1 and...

  • Managerial Accounting   E15-8 Lopez Corporation incurred the following costs while manufacturing its product. Materials used in...

    Managerial Accounting   E15-8 Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $120,000 Advertising expense $45,000 Depreciation on plant 60,000 Property taxes on plant 14,000 Property taxes on store 7,500 Delivery expense 21,000 Labor costs of assembly-line Sales commissions 35,000 workers 110,000 Salaries paid to sales Factory supplies used 23,000 clerks 50,000 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...

  • Exercise 1-8 (Video) Lopez Corporation incurred the following costs while manufacturing its product. Materials used in...

    Exercise 1-8 (Video) 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 $49,600 Property taxes on plant21,000 31,400 42,400 Salaries paid to sales clerks 54,400 $129,600 Advertising expense 70,200 7,690 Delivery expense 120,400 29,200 Sales commissions 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...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT