Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. lopez corporation incurred the following costs whi

Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $127,100...

60.1K

Verified Solution

Question

Accounting

Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $127,100 Advertising expense $49,900 Depreciation on plant 64,800 Property taxes on plant 19,700 Property taxes on store 8,310 Delivery expense 31,600 Labor costs of assembly-line workers 116,500 Sales commissions 45,800 Factory supplies used 27,300 Salaries paid to sales clerks 60,700 Work in process inventory was $13,200 at January 1 and $16,600 at December 31. Finished goods inventory was $70,200 at January 1 and $47,000 at December 31.

Compute cost of goods manufactured.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

Which marine zone would have the lowest total rate of photosynthesis?pelagicabyssallittoralintertidalphotic

Finance
1.2K views

"You purchased an airplane for $450,000 and will depreciate it using a 7-year MACRS with a...

Biology
1.2K views

Why is a drug that inhibits telomerase not a good choice for cancer therapy? Make sure...

Accounting
1.2K views

Hedged Sale Commitment and Exposed Asset Position On June 25, 2020, GlobalAgra Inc., a U.S. company, received...

Biology
1.2K views

During the process of glycolysis which of the following substrates donates electrons to NAD and...

Physics
1.2K views

projected into a region having perpendicular magnetic field as shown If the width of the...

Basic Math
1.2K views

Consumer Products Interactive Disney recently reported segment operating income revenue and invested assets in millions...

Calculus
1.2K views

Form a polynomial whose zeros and degree are given Zeros 0 5 4 degree 3...

Accounting
1.2K views

Which of the following are elements that are typically present when...

Accounting
1.2K views

Evaluate the impact Fintech and data analytics will have on how banks in Australia will...

Accounting
1.2K views

Please help me with the ones i got wrong Perpetual...

Accounting
1.2K views

Retail Inventory Method Harmes Company is a clothing store that uses the retail inventory method....