Question

Lopez Corporation incurred the following costs while manufacturing its product.

Answer 1

Answer:

a. $352,200

b. $372,100

Explanation:

The cost of goods manufactured

Consider only the manufacturing costs

Cost of goods manufactured = $122,200 + $69,200 + $17,600 + $113,100 + $34,000 + $13,300 - $17,200

                                                =$352,200

Cost of goods sold

Add Cost of goods manufactured to the net of Finished inventory balance

Cost of goods sold = $47,900 $68,800 + $352,200 - $47,900

                                = $372,100