Please Complete the charts below?

The following information pertains to Flaxman Manufacturing Company for April. 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.

During Year 2, Vernon Manufacturing Company incurred $120,400,000 of research and development (R&D) costs to create a long-life battery to use in computers. In accordance with FASB standards, the entire R&D cost was recognized as an expense in Year 2. Manufacturing costs (direct materials, direct labor, and overhead) are expected to be $46 per unit. Packaging, shipping, and sales commissions are expected to be $20 per unit. Vernon expects to sell 2,800,000 batteries before new research renders the battery design technologically obsolete. During Year 2, Vernon made 439,000 batteries and sold 397,000 of them.

Required

Identify the upstream and downstream costs.

Determine the Year 2 amount of cost of goods sold and the ending inventory balance that would appear on the financial statements that are prepared in accordance with GAAP.

Determine the sales price assuming that Vernon desires to earn a profit margin that is equal to 20 percent of the total cost of developing, making, and distributing the batteries.

Prepare a GAAP-based income statement for Year 2. Use the sales price developed in Requirement c.

Determine the sales price assuming that Vernon desires to earn a profit margin that is equal to 20 percent of the total cost of developing, making, and distributing the batteries. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) \begin{tabular}{lr} April 1 & \\ Inventory balances & \\ Raw materials & $124,900 \\ Work in process & 119,600 \\ Finished goods & 76,500 \\ April 30 & \\ Inventory balances & \\ Raw materials & 86,900 \\ Work in process & 145,600 \\ Finished goods & 80,600 \\ During April & \\ Costs of raw materials purchased & $118,400 \\ Costs of direct labor & 101,300 \\ Costs of manufacturing overhead & 62,500 \\ Sales revenues & 356,000 \end{tabular} Prepare a GAAP-based income statement for Year 2. Use the sales price developed in Requirement c. (Do not round intermediate calculations.) Determine the Year 2 amount of cost of goods sold and the ending inventory balance that would appear on the financial tatements that are prepared in accordance with GAAP. Identify the upstream and downstream costs. Complete this question by entering your answers in the tabs below. Calculate the amount of gross margin on the income statement. Prepare a schedule of cost of goods manufactured and sold. Determine the sales price assuming that Vernon desires to earn a profit margin that is equal to 20 percent of the total cost of developing, making, and distributing the batteries. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) \begin{tabular}{lr} April 1 & \\ Inventory balances & \\ Raw materials & $124,900 \\ Work in process & 119,600 \\ Finished goods & 76,500 \\ April 30 & \\ Inventory balances & \\ Raw materials & 86,900 \\ Work in process & 145,600 \\ Finished goods & 80,600 \\ During April & \\ Costs of raw materials purchased & $118,400 \\ Costs of direct labor & 101,300 \\ Costs of manufacturing overhead & 62,500 \\ Sales revenues & 356,000 \end{tabular} Prepare a GAAP-based income statement for Year 2. Use the sales price developed in Requirement c. (Do not round intermediate calculations.) Determine the Year 2 amount of cost of goods sold and the ending inventory balance that would appear on the financial tatements that are prepared in accordance with GAAP. Identify the upstream and downstream costs. Complete this question by entering your answers in the tabs below. Calculate the amount of gross margin on the income statement. Prepare a schedule of cost of goods manufactured and sold