The following information pertains to Flaxman Manufacturing Company for March 2018. Assume actual overhead equaled applied overhead. March 1 Inventory balances Raw materials Work in process Finished goods $123,600 119,900 76,300 00 5529 arch 31 Inventory balances Raw materials $86,200 145,700 80,400 Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor $118,500 101,800 62,500 360,000 Costs of manufacturing overhead Sales revenues Required a. Prepare a schedule of cost of goods manufactured and sold. FLAXMAN MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For March 2018 Beginning raw materials inventory Raw materials available for use Beginning work in process inventory Direct raw materials used 0 0 Total manufacturing costs 0 Total work in process inventory 0 Cost of goods manufactured 0 Cost of goods available for sale 0 Cost of goods sold b. Calculate the amount of gross margin on the income statement 17