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The following information pertains to Flaxman Manufacturing Company for March 2018. Assume actual overhead equaled applied overhead. March 1 Inventory balances Raw materials $ 124,600
The following information pertains to Flaxman Manufacturing Company for March 2018. Assume actual overhead equaled applied overhead.
March 1
Inventory balances
Raw materials $ 124,600
Work in process 119,200
Finished goods 76,300
March 31
Inventory balances
Raw materials $ 85,400
Work in process 146,100
Finished goods 80,800
During March
Costs of raw materials purchased $ 119,100
Costs of direct labor 101,800
Costs of manufacturing overhead 62,900
Sales revenues 355,000
Required
Prepare a schedule of cost of goods manufactured and sold.
Calculate the amount of gross margin on the income statement.
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