The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. April 1 Inventory balances Raw materials Work in process Finished goods April 30 Inventory balances Raw materials Work in process Finished goods During April $124,400 118,800 76,000 $ 85,000 146,400 81,000 Costs of raw materials purchased Costs of direct labor $119,600 101,300 Costs of manufacturing overhead. Sales revenues 62,100 350,000 Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. FLAXMAN MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For April Beginning raw materials inventory $ 124,400 Purchases Raw materials available for use 119,600 244,000 Ending raw materials inventory (85,000) Direct raw materials used 186,300 x Direct labor 101,300 Manufacturing overhead 62,100 Total manufacturing costs 349,700 Beginning work in process inventory 118,800 Total work in process inventory 468,500 Ending work in process inventory 146,400 Cost of goods manufactured Beginning finished goods inventory 76,000 Cost of goods available for sale 76,000 Ending finished goods inventory 81,000 Cost of goods sold Gross margin