FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Logan Corp.'s
Debit Credit
Sales revenue $280,000
Cost of goods sold $170,000
Administrative expenses 40,000
Loss on disposal of equipment 18,000
Sales commission expense 16,000
Interest revenue 10,000
Freight-out 6,000
Loss from discontinued operations 24,000
Totals $280,000 $290,000
Other information:
Logan's income tax rate is 30%. Finished goods inventory:
January 1, 2017 $160,000
December 31, 2017 140,000
On Logan's multiple-step income statement for 2017, cost of goods manufactured is:
Group of answer choices
$196,000
$190,000.
$156,000.
$150,000.
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