Exercise 10-14 Cost of goods manufactured and sold LO 10-5 The following information pertains to Flaxman Manufacturing Company for March 2018. Assume actual overhead equaled applied overhead. $100,000 120,000 78,000 March 1 Inventory balances Raw materials Work in process Finished goods March 31 Inventory balances Raw materials Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues $ 60,000 145,000 80,000 $ $120,000 100,000 63,000 380,000 Required a. Prepare a schedule of cost of goods manufactured and sold. a. Prepare a schedule of cost of goods manufactured and sold. FLAXMAN MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For March 2018 Raw materials available for use 0 Direct raw materials used 0 Total manufacturing costs 0 Total work in process inventory 0 Cost of goods manufactured 0 Cost of goods available for sale 0 Cost of goods sold $ 0 b. Calculate the amount of gross margin on the income statement. Gross margin