Q:3 Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $120,000 Advertising expertise $45,000 Depreciation on plant 60,000 Property taxes on plant 14,000 Property taxes on store 7,500 Delivery expense 21,000 Labor costs of assembly-line 110,000 Sales commissions 35,000 Factory supplies used 23,000 Clerks 50000 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