The following information pertains to Adams Manufacturing Company for March Year 3. Assume actual overhead equaled applied overhead. March 1 Inventory balances Raw materials $ 124,100 Work in process 118,600 Finished goods 76,800 March 31 Inventory balances Raw materials $ 85,700 Work in process 146,400 Finished goods 80,200 During March Costs of raw materials purchased $ 118,100 Costs of direct labor 101,500 Costs of manufacturing overhead 61,000 Sales revenues 353,000

Prepare a schedule of cost of goods manufactured and sold.

Calculate the amount of gross margin on the income statement.