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