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E14-8 Lopez Corporation incurred the following costs while manufacturing its product. Compute cost of goods manufactured and sold. $45,000 LO 3),AP Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers $120,000 60,000 7,500 Advertising expense Property taxes on plant Delivery expense Sales commissions 14,000 21,000 35,000 110,000 23,000 Salaries paid to sales clerks Factory supplies used 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 (a) Compute cost of goods manufactured (b) Compute cost of goods sold. E14-14 The following information is available for Aikman Company. Prepare a cost of goods January 1, 2017 2017 afactared schedule and a partial income statement December 31,2017 Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor $21,000 13,500 27,000 $30,000 17,200 21,000 LO 3), AP Maa Bos ine 150,000 220,000 180,000 910,000 Sales revenue veueOerhead (a) Compute cost of goods manufactured (b) Prepare an income statement through gross profit. (cShow the presentation of the ending inventories on the December 31,2017, balance sheet. (d) How would the income statement and balance sheet of a merchandising company be different from Aikman's financial statements