Exercise 14-8 (Part Level Submission)

Lopez Corporation incurred the following costs while manufacturing its product.

Materials used in product$122,060Advertising expense$50,200Depreciation on plant65,840Property taxes on plant17,690Property taxes on store8,540Delivery expense30,660Labor costs of assembly-line workers117,720Sales commissions41,390Factory supplies used25,350Salaries paid to sales clerks53,570

Work in process inventory was $14,320at January 1 and $16,890at December 31. Finished goods inventory was $70,590at January 1 and $47,750at December 31.