Answer:
Gross Profit                      $ 74,000
<u>Cost of Goods sold                                   $ 506,000</u>
Explanation:
Peters Manufacturing Company 
Income Statement
June 30, 2019
<u>Sales                                                 $580,000</u>
Total manufacturing costs 430,000
Add Work in process inventory, June 1 18,100
Cost of Goods Available for Manufacturing  548,100
Less Work in process inventory, June 30 30,400
Cost Of Goods Manufactured  517,700
Add Finished goods inventory, June 1 43,500
Cost Of Goods Available for Sale  561,200
Less Finished goods inventory, June 30 55,200
<u>Cost of Goods sold                                   $ 506,000</u>
Gross Profit                      $ 74,000