a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. The following information pertains to Shmaltz Factory for March 20XX March 1 Inventory balances Raw materials $100,900 Work in process $120,000 Finished goods $78,000 March 31 Inventory balances Raw materials $59,100 Work in process $145,000 Finished goods $80,000 During March Costs of raw materials purchased $119,100 Costs of direct labor $100,000 Costs of manufacturing overhead $63,000 Sales revenues $380,900 Shmaltz Factory Schedule of Cost of Goods Manufactured and Sold for March 20XX Beginning raw materials inventory Purchases Raw materials available for Use Ending raw materials inventory Direct raw materials used Direct labor Overhead (actual) Total manufacturing costs Beginning WIP inventory Total WIP inventory Ending WIP inventory Cost of goods manufactured Beginning finish. goods inventory Cost of goods available for sale Less ending finished goods inventory Cost of goods sold B Sales revenues Cost of goods sold Gross margin/profit