eBook Instructions The demand for solvent, one of numerous products manufactured by Logan Industries inc, has dropped sharply because of recent competition from a similar product. The company's chemists are curently completing tests of various new formulas, and it is anticipated that the manufacture of a superior product can be started on November 1, one month in the future No changes will be needed in the present production tacities to manufacture the new product because only the mixture of the various materials will be changed The controler has been asked by the president of the company for advice on whether to continue production during October or to spend the manufacture of solvent until November The following data have been assembled Logan Industries Inc. Income Statement-Solvent For the Month Ended September 30 Sales (10,000 $800,000.00 ET Cost of goods sold (770,000.00 EET Gross profit $50,000.00 Selling and administrative expe [100,000.00) Operating loss $70,000.00) Check My Work 3 more Check My Work uses remaining Previous