The following information pertains to Thornton Manufacturing Company for March Year 3. Assume actual overhead equaled applied overhead. March 1 Inventory balances Raw materials Work in process Finished goods March 311 Inventory balances Raw materials. Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues Required $ 124,800 118,400 76,200 $ 86,600 145,900. 81,700 $ 118,500 101,900 62,700 357,000 a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. Required A Required B Prepare a schedule of cost of goods manufactured and sold. THORNTON MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For March Year 3 Beginning raw materials inventory Purchases Raw materials available for use Direct raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Cost of goods available for sale Cost of goods sold 0 0 0 0 0 0 $ 0 Required A Required B Calculate the amount of gross margin on the income statement. Gross margin