The following information pertains to Flaxman Manufacturing Company for March 2018. Assume actual overhead equaled applied overhead March1 Inventory balances Raw materials $124,900 118,000 76,800 Work in process Finished goods March 31 Inventory balances $ 86,800 146, 300 81,400 Raw materials Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues $118,600 100,800 61,900 351,000 Required a. Prepare a schedule of cost of goods manufactured and sold 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 Gross margin