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The following information pertains to Flaxman Manufacturing Company for March 2018. Assume actual overhead equaled applied overhead. $124,200 118,800 77,100 March 1 Inventory balances Raw
The following information pertains to Flaxman Manufacturing Company for March 2018. Assume actual overhead equaled applied overhead. $124,200 118,800 77,100 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 $ 86,600 146,900 80,800 $119,600 101,900 62,500 355,000 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
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