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Question 12 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 $128,000 Advertising expense 68,000 Property taxes on plant 8,180 Delivery expense 111,900 Sales commissions 24,800 Salaries paid to sales clerks $53,500 17,200 23,900 40,300 52,300 Work in process inventory was $13,500 at January 1 and $16,800 at December 31. Finished goods inventory was $62,500 at January 1 and $47,700 at December 31. Compute cost of goods manufactured. Cost of goods manufactured Compute cost of goods sold. Cost of goods sold