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20 February, 13:47

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

Raw materials inventory, June 1 $13,800

Work in process inventory, June 1 18,100

Finished goods inventory, June 1 43,500

Total manufacturing costs 430,000

Sales 580,000

Work in process inventory, June 30 30,400

Finished goods inventory, June 30 55,200

Raw materials inventory, June 30 18,000

Required:

Prepare an income statement through gross profit for the month of June.

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Answers (1)
  1. 20 February, 13:52
    0
    Gross Profit $ 74,000

    Cost of Goods sold $ 506,000

    Explanation:

    Peters Manufacturing Company

    Income Statement

    June 30, 2019

    Sales $580,000

    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

    Cost of Goods sold $ 506,000

    Gross Profit $ 74,000
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