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The following information pertains to Jordan Manufacturing Company for March Year 3. Assume actual overhead equaled applied overhead. March 1 Inventory balances Raw materials $
The following information pertains to Jordan Manufacturing Company for March Year 3. Assume actual overhead equaled applied overhead.
March 1 | |||
Inventory balances | |||
Raw materials | $ | 124,300 | |
Work in process | 118,600 | ||
Finished goods | 77,000 | ||
March 31 | |||
Inventory balances | |||
Raw materials | $ | 87,000 | |
Work in process | 146,200 | ||
Finished goods | 80,500 | ||
During March | |||
Costs of raw materials purchased | $ | 119,900 | |
Costs of direct labor | 100,200 | ||
Costs of manufacturing overhead | 62,000 | ||
Sales revenues | 351,000 | ||
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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