The following information pertains to Flores Development Company for March 2018. Assume actual overhead equaled applied Overhead. March 1 Inventory balances Raw materials $123,500 Work in process 119, 180 Finished goods 76,600 March 31 Inventory balances Raw materials $ 85,200 Work in process 146,180 Finished goods 81,400 During March Costs of raw materials purchased $118,600 Costs of direct labor 100, 200 Costs of manufacturing overhead 62,500 Sales revenues 352,000 Required 2. Prepare a schedule of cost of goods manufactured and sold. FLAXMAN MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For March 2018 Beginning raw materials inventory Raw materiais available for use Direct labor Direct raw materials used To 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 2013 Beginning raw materials inventory Raw materials available for use Direct labor Direct raw materials used Beginning raw materials inventory Beginning finished goods inventory Total manufacturing costs Total work in process inventory Cost of goods manufactured lo Cost of goods available for sale ol Cost of goods sold b. Calculate the amount of gross margin on the income statement. For March 2018 Beginning raw materials inventory Raw materials available for use Direct labore Direct raw materials used Beginning raw materials inventory Beginning finished goods inventory 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