The following information pertains to Rundle Manufacturing Company for March 2019. Assume actual overhead equaled applied overhead March 1 Inventory balances Raw materials $123,700e 118,600 77,000 Work in process Finished goods March 31 Inventory balances 86,500 146,400 81,900 Raw materials Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues $119,700e 100,900 62,100 352,000 Required a. Prepare a schedule of cost of goods manufactured and sold b. Calculate the amount of gross margin on the income statement