Exercise 10-14A (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 Raw materials Work in process Finished goods April 30 Inventory balances Raw materials Work in process $100,000 120,000 78,000 $ 60,000 145,000 Finished goods 80,000 During April nt Costs of raw materials purchased Costs of direct labor $120,000 100,000 Costs of manufacturing overhead Sales revenues 63,000 380,000 ences Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement.