Exercise $10-14$A $($Static$)$ Cost of goods manufactured and sold LO $10-5$

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

April $1$

Inventory balances

April $30$

Inventory balances

Raw materials $$60,000$

Work in process $,145,000$

Finished goods $80,000$

During April

Costs of raw materials purchased $$120,000$

Costs of direct labor $100,000$

Costs of manufacturing overhead $63,000$

Sales revenues $380,000$

Required

a$.$ Prepare a schedule of cost of goods manufactured and sold.

b$.$ Calculate the amount of gross margin on the income statement.

Complete this question by entering your answers in the tabs below.

Prepare a schedule of cost of goods manufactured and sold.

FLAXMAN MANUFACTURING COMPANY

Schedule of Cost of Goods Manufactured and Sold

For April