The following information pertains to Benson Manufacturing Company for March Year 3. Assume actual overhead equaled applied overhead.

March 1
Inventory balances
Raw materials	$ 124,400
Work in process	118,900
Finished goods	77,600
March 31
Inventory balances
Raw materials	$ 85,500
Work in process	146,700
Finished goods	80,400
During March
Costs of raw materials purchased	$ 118,400
Costs of direct labor	100,700
Costs of manufacturing overhead	61,700
Sales revenues	350,000

Required

Prepare a schedule of cost of goods manufactured and sold.

Calculate the amount of gross margin on the income statement.

Prepare a schedule of cost of goods manufactured and sold. BENSON MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For March Year 3 \begin{tabular}{|l|l|} \hline & \\ \hline Raw materials available for use & \\ \hline & \\ \hline Direct raw materials used & \\ \hline & \\ \hline & \\ \hline Total manufacturing costs & \\ \hline & \\ \hline Total work in process inventory & \\ \hline & \\ \hline Cost of goods manufactured & \\ \hline & \\ \hline Cost of goods available for sale & \\ \hline & \\ \hline Cost of goods sold & \\ \hline \end{tabular} Calculate the amount of gross margin