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icang [17]
3 years ago
8

Peters Manufacturing Company has the following data at June 30, 2019:

Business
1 answer:
nignag [31]3 years ago
5 0

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

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