The following information pertains to Flaxman Manufacturing Company for March 2018. Assume actual overhead equaled applied overhead.

March 1
Inventory balances
Raw materials	$	124,000
Work in process		119,300
Finished goods		77,100
March 31
Inventory balances
Raw materials	$	86,800
Work in process		145,200
Finished goods		80,200
During March
Costs of raw materials purchased	$	118,000
Costs of direct labor		101,900
Costs of manufacturing overhead		62,100
Sales revenues		352,000

Required

1. Prepare a schedule of cost of goods manufactured and sold.

2. Calculate the amount of gross margin on the income statement.