Question 8 Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Advertising expense $126,900 $50,000 Depreciation on plant 70,600 Property taxes on plant 23,000 Property taxes on store 8,360 Delivery expense 25,800 Labor costs of assembly-line workers Sales commissions 119,600 36,500 Factory supplies used Salaries paid to sales clerks 25,000 59,600 Work in process inventory was $14,600 at January 1 and $16,800 at December 31. Finished goods inventory was $69,000 at January 1 and $49,900 at December 31. Compute cost of goods manufactured. Cost of goods manufactured Compute cost of goods sold Cost of goods sold