The following information pertains to Flaxman Manufacturing Company for March 2018. Assume actual overhead equaled applied overhead. March 1 Inventory balances $124,200 119, 400 77,500 Raw materials Work in process Finished goods Inventory balances Work in process March 31 36 86, see 145,000 80,200 Raw materials Finished goods During March Costs of raw materials purchased$118,300 100,780 61,500 350,800 Costs of direct labor Costs of manufacturing overhead Sales revenues 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 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