Lopez Corporation incurred the following costs while manufacturing its product:

Materials used in product $120,000 Advertising expense $45,000
Depreciation on plant 60,000 Property taxes on plant 14,000
Property taxes on store 7,500 Delivery expense 21,000
Labor costs of assembly-line workers 110,000 Sales commissions 35,000
Factory supplies used 23,000 Salaries paid to sales clerks 50,000
Work in process inventory was $12,000 at January 1 and $15,500 at December 31.

Finished goods inventory was $60,000 at January 1 and $45,600 at December 31.

Required:

1. Compute cost of goods manufactured.

2. Compute cost of goods sold.