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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 $ 123,800
The following information pertains to Flaxman Manufacturing Company for March 2018. Assume actual overhead equaled applied overhead.
| March 1 | |||
| Inventory balances | |||
| Raw materials | $ | 123,800 | |
| Work in process | 118,400 | ||
| Finished goods | 77,700 | ||
| March 31 | |||
| Inventory balances | |||
| Raw materials | $ | 85,900 | |
| Work in process | 146,300 | ||
| Finished goods | 80,100 | ||
| During March | |||
| Costs of raw materials purchased | $ | 118,200 | |
| Costs of direct labor | 100,600 | ||
| Costs of manufacturing overhead | 62,700 | ||
| Sales revenues | 360,000 | ||
Required
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Prepare a schedule of cost of goods manufactured and sold.
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Calculate the amount of gross margin on the income statement.
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