Question

The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead....

The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead.

April 1
Inventory balances
Raw materials $ 124,400
Work in process 118,000
Finished goods 76,800
April 30
Inventory balances
Raw materials $ 86,600
Work in process 146,800
Finished goods 80,600
During April
Costs of raw materials purchased $ 118,200
Costs of direct labor 101,100
Costs of manufacturing overhead 61,300
Sales revenues 360,000

   

Required

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

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

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