The following information pertains to Franklin Manufacturing Company for March Year 3.

Assume actual overhead equaled applied overhead.

March 1

Inventory balances

Raw materials $ 124,500

Work in process 119,600

Finished goods 77,100

March 31

Inventory balances

Raw materials $ 86,500

Work in process 145,500

Finished goods 80,100

During March Costs of raw materials purchased $ 118,300

Costs of direct labor 100,100

Costs of manufacturing overhead 62,500

Sales revenues 356,000

1. Prepare a schedule of cost of goods manufactured and sold.

2. Calculate the amount of gross margin on the income statement.

1.

FRANKLIN MANUFACTURING COMPANY
Schedule of Cost of Goods Manufactured and Sold
For March Year 3
Raw materials available for use	0
Direct raw materials used	0
Total manufacturing costs	0
Total work in process inventory	0
Cost of goods manufactured	0
Cost of goods available for sale	0
Cost of goods sold	$0

B

Gross Margin: