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Question - Sandhill Co.'s trial balance of income statement accounts only for the year ended December 31, 2020 included the following:
Debit Credit
Sales revenue $287000
Cost of goods sold $171000
Administrative expenses 36400
Loss on disposal of equipment 17400
Sales commission expense 15400
Interest revenue 10300
Freight-out 6500
Loss from discontinued operations 24100
Bad debt expense 5700
Other information: Sandhill's income tax rate is 30%. Finished goods inventory:
January 1, 2020 $159000
December 31, 2020 141000
Required - On Sandhill's multiple-step income statement for 2020, determine the Cost of goods manufactured?
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