Practice Exercise 2 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 $130,000 Advertising expense $46,100 20,000 26,800 39,300 54,900 64,500 Property taxes on plant 7,600 Delivery expense 120,900 32,600 Sales commissions Salaries paid to sales clerks Work in process inventory was $14,000 at January 1 and $16,700 at December 31. Finished goods inventory was $61,800 at January 1 and $49,800 at December 31 Compute cost of goods manufactured. Cost of goods manufactured Compute cost of goods sold. Cost of goods sold s