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
