Craig Corporation incurred the following costs while manufacturing its product. Materials used in product $100,000 Advertising expense Depreciation on plant 60,000 Property taxes on store Property taxes on plant 7,500 Delivery expense Labor costs of assembly-line workers 110,000 Sales commissions Factory supplies used 23,000 Salaries paid to sales clerks $45,000 14,000 21,000 35,000 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 $55,600 at December 31. Instructions (a) Compute cost of goods manufactured. (b) Compute cost of goods sold