The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. $123,600 119,000 77,900 April 1 Inventory balances Raw materials Work in process Finished goods April 30 Inventory balances Raw materials Work in process Finished goods During April Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues $ 85,400 145,500 80,700 $119, 100 100,500 61,000 355,000 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 Purchases Beginning raw materials inventory 123,600 Raw materials available for use 123,600 Ending raw materials inventory 85,400 Direct raw materials used Direct labor 100,500 Manufacturing overhead 61,000 Total manufacturing costs 161,500 Beginning work in process inventory 119,000 Total work in process inventory 280,500 Ending work in process inventory 145,500 Cost of goods manufactured Beginning finished goods inventory 77,900 Cost of goods available for sale 77,900 Ending finished goods inventory 80,700 Cost of goods sold