The following information pertains to Flaxman Manufacturing Company for March 2015. Assume actual overhead equaled applied overhead.

March 1
Inventory balances
Raw materials	$	100,000
Work in process		120,000
Finished goods		78,000
March 31
Inventory balances
Raw materials	$	60,000
Work in process		145,000
Finished goods		80,000
During March
Costs of raw materials purchased	$	120,000
Costs of direct labor		100,000
Costs of manufacturing overhead		63,000
Sales revenues		380,000
Calculate the amount of gross margin on the income statement.

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 2015 Beginning raw materials inventory Purchases Raw materials available for use Ending raw materials inventory Direct raw materials used Direct labor Manufacturing overhead Total manufacturing costs Beginning work in process inventory Total work in process inventory Ending work in process inventory Cost of goods manufactured Beginning finished goods inventory Cost of goods available for sale Ending finished goods inventory Cost of goods sold 0 0 0 0 0 0 0