What's the difference between the cost to inventory and the cost of goods sold?

Which of the following types of inventory does a manufacturer not include in its Balance Sheet? A. Direct Materials B. Work-in-process C. Finished goods D. Merchandise inventory

Gross profit is the gross sales price charged for the goods sold A.True B.False

Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $121,000 61,000 7,600 111,000 24,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $46,000 15,000 22,000 36,000 51,000 Work in process inventory was $13,000 at January 1 and $16,600 at December 31. Finished goods inventory was $61,000 at January 1 and $45,700 at December 31.