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Part II-Resolve the following exercise (include your working papers in your submission)-25 points Michael's Partnership incurred the following costs while manufacturing its product. Advertising

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Part II-Resolve the following exercise (include your working papers in your submission)-25 points Michael's Partnership incurred the following costs while manufacturing its product. Advertising expense Materials used in product Depreciation on plant $125,000 60,000 Property taxes on plant- Property taxes on store 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 19,000 21,000 35,000 50,000 Work-in-process Inventory was $27,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and $50,600 at December 31. Instructions (a) Compute cost of goods manufactured. (b) Compute cost of goods sold.

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