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Problem 1: Cost of goods manufactured and cost of goods sold - parts a,b (15...

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Problem 1: Cost of goods manufactured and cost of goods sold - parts a,b (15 points) In 2019, Lansing Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Insurance on stores Labor costs of assembly-line workers Factory supplies used $240,000 120,000 15,000 220,000 46,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $90,000 28,000 42,000 70,000 100,000 Work in process inventory Finished goods inventory 1/1/19 24,000 120,000 12/31/19 30,000 91,200 Compute cost of goods manufactured and then cost of goods sold

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