Question

Lopez Corporation incurred the following costs while manufacturing its product:

Answer 1

Answer:

Cost of goods manufactured is $365,300

Explanation:

Particulars                                                Amount $

Materials used in product                       130,000

Labor costs of assembly-line workers    120,900

                                                                  250,900

Factory overheads

Depreciation on plant      64,500  

Property taxes on plant    20,000  

Factory supplies used      32,600

Add Work In Progress      14,000

Less: Work In Progress    -16,700                114,400

Cost of goods manufactured                   $365,300