Lopez Corporation incurred the following costs while manufacturing its product.
- Material used in a product - $120,000
- Depreciation on plant - 60,000
- Dispatcher's salary -5,000
- Property taxes on store -7,500
- Labor costs of assembly-line workers- 110,000
- Factory supplies- 23,000
- Advertising expense- 45,000
- Property taxes on plant- 14,000
- Delivery expense - 21,000
- Sales commissions - 35,000
- Salaries paid to sales clerks - 50,000
Work in process inventory was $12,000 at January 1 and $15,000 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.