Exercise 10-14A (Algo) Cost of goods manufactured and sold LO 105 The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. \begin{tabular}{|l|r|} \hline \multicolumn{2}{|c|}{ FLAXMAN MANUFACTURING COMPANY } \\ \hline \multicolumn{2}{|c|}{ For April } \\ \hline Beginning raw materials inventory & $124,800 \\ \hline \hline Purchases & 119,200 \\ \hline Raw materials available for use & 244,000 \\ \hline Ending raw materials inventory & 211,500 \\ \hline Direct raw materials used & (156,200) \\ \hline Direct labor & 100,600 \\ \hline & \\ \hline Total manufacturing costs & (55,600) \\ \hline Beginning work in process inventory & \\ \hline Total work in process inventory & (55,600) \\ \hline Ending work in process inventory & \\ \hline Cost of goods manufactured & \\ \hline Beginning finished goods inventory & \\ \hline Cost of goods available for sale & \\ \hline Ending finished goods inventory & \\ \hline Cost of goods sold & \\ \hline \hline \end{tabular}
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