and cost of goods sold Lopez Corporation incurred the following costs while manufacturing its product. Cost Item Amount Direct Materials Direct Labor Manufacturing Overhead Materials Used in product 120,000 120,000 s Depreciation on plant 60,000 60,000 7 Property Taxes on store 7,500 7,500 Labor costs of assembly-ne workers 110,000 110,000 Factory supples used 23,000 23,000 o Advertising expense Property taxes on plant 2 Delivery expense Sales commissions 4 Salaries paid to sales clerks s Total COSTS 45,000 14,000 21,000 35,000 50000 45,000 14,000 21,000 35,000 50,000 485,500 Inventory information: 17 Work in process, 1/1/17 12,000 Work in process, 12/31/17 15,500 Finished goods, 1/1/17 Finished goods, 12/31/17 60,000 45,600 19 to Prepare a cost of goods manufactured schedule for 2017. 21 22 21 24 Work in process, January 1 25 Direct materials used 25 Drect labor 27 Manufacturing overhead CEPEDA CORPORATION Cost of Goods Manufactured Schedule For the Year Ended December 31, 2017 28 29 50 31 32 33 34 Total manufacturing overhead 35 Total manufacturing costs as Total cost of work in process 37 Less: Work in process, December 31 Cast of goods manufactured Prepare an income statement through gross profit for 2017 assuming sales.revenue is $357.800. CEPEDA CORPORATION