19.8

E19.5 (LO 3) Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $120,000 Advertising expense 545,000 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 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 inven. tory was $60.000 at January 1 and $45.600 at December 31. Instructions 1. Compute cost of pood manufactured. b. Compute oont of goods sold. 119.9 (LO 3) An incomplete cost of goods manufactured schedule is presented below. 5210,000 Hobbit Company Cost of Goods Manufactured Schedule For the Year Ended December 31, 2020 Work in process an Direct materials Raw materials inventory (20) Add: Raw matenals purchases ISNO Total raw materials available to use Les Raw matenals inventory (20 22500 Direct materials used SIBOLO Direct labor Manufacturing onethead Indirect labe 18.00 CHINO 7