Part 4 - Problem: (20 points) James Corporation incurred the following costs while manufacturing its product. Materials used in product $135,000 Advertising expense $45,000 Depreciation on plant 60,000 Property taxes on plant 19.000 Property taxes on store 7,500 Delivery expense 21,000 Labor costs of assembly-line workers 110,000 Sales commissions Factory supplies used 25,000 Salaries paid to sales clerks 50,000 Work-in-process inventory was $17.500 at January 1 and $14.000 at December 31. Finished goods inventory was $60.500 at January 1 and $42.000 at December 31. 35,000 Instructions (a) Compute cost of goods manufactured. (b) Compute cost of goods sold