E14-8 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 $120,000 Advertising expense $45,000 60,000 Property taxes on plant 14,000 7,500 Delivery expense 21,000 Sales commissions 35,000 110,000 Salaries paid to sales 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 $45,600 at December 31. Instructions (a) Compute cost of goods manufactured. (b) Compute cost of goods sold.