The following information pertains to Fanning Manufacturing Company for March Year 3. Assume actual overhead equaled applied overhead. $124,800 118, 100 77,100 March 1 Inventory balances Raw materials Work in process Finished goods March 31 Inventory balances Raw materials Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues $ 86,900 145,200 80,100 $118,900 100,300 62,700 351,000 Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement Complete this question by entering your answers in the tabs below. Required A Required B Prepare a schedule of cost of goods manufactured and sold. FANNING MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For March Year 3 Raw materials available for use Required A Required B Prepare a schedule of cost of goods manufactured and sold. FANNING MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For March Year 3 Raw materials available for use Direct raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Cost of goods available for sale Cost of goods sold The following information pertains to Fanning Manufacturing Company for March Year 3. Assume actual overhead equaled applied overhead. $124,800 118,100 77,100 March 1 Inventory balances Raw materials Work in process Finished goods March 31 Inventory balances Raw materials Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues $ 86,900 145,200 80,100 $118,900 100,300 62,700 351,000 Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. Complete this question by entering your answers in the tabs below. Required A Required B Calculate the amount of gross margin on the income statement. Gross margin