The following information pertains to Flaxman Manufacturing Company for March 2018. Assume actual overhead equaled applied overhead. $123,200 118,400 77,400 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 $ 86,600 146,000 80, 700 $119,200 101,400 61,900 351,000 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 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 b. Calculate the amount of gross margin on the income statement