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

March 1
Inventory balances
Raw materials	$	124,600
Work in process		119,900
Finished goods		77,400
March 31
Inventory balances
Raw materials	$	86,400
Work in process		145,800
Finished goods		80,300
During March
Costs of raw materials purchased	$	119,900
Costs of direct labor		101,400
Costs of manufacturing overhead		61,500
Sales revenues		352,000

Required

1. Prepare a schedule of cost of goods manufactured and sold.

2. Calculate the amount of gross margin on the income statement.