Cost of goods manufactured and sold

The following information pertains to Flaxman Manufacturing Company for March 2018. Assume actual overhead equaled applied overhead.

Required

Prepare a schedule of cost of goods manufactured and sold.

Calculate the amount of gross margin on the income statement.

March 1 Inventory balances Raw materials Work in process Finished goods $100,000 120,000 78,000 March 31 Inventory balances Raw materials Work in process Finished goods 60,000 145,000 80,000 During March Costs of raw materials purchased Costs of manufacturing overhead $120,000 100,000 63,000 380,000 Costs of direct labor Sales revenues