The following information pertains to Thornton Manufacturing Company for March 2019. Assume actual overhead equaled applied overhead.

March 1
Inventory balances
Raw materials	$	123,800
Work in process		119,300
Finished goods		77,500
March 31
Inventory balances
Raw materials	$	86,800
Work in process		145,200
Finished goods		80,500
During March
Costs of raw materials purchased	$	118,600
Costs of direct labor		101,200
Costs of manufacturing overhead		61,600
Sales revenues		360,000

Required

Prepare a schedule of cost of goods manufactured and sold.

Calculate the amount of gross margin on the income statement.

Calculate the amount of gross margin on the income statement.

Gross margin