Logan Corp.'s trial balance of income statement accounts for the year ended December 31, 2017 included the following: 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 Bad debt expense 6,000 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.
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:
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