The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied...
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Accounting
The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead.
| April 1 | |||
| Inventory balances | |||
| Raw materials | $ | 123,700 | |
| Work in process | 118,800 | ||
| Finished goods | 77,900 | ||
| April 30 | |||
| Inventory balances | |||
| Raw materials | $ | 85,200 | |
| Work in process | 145,800 | ||
| Finished goods | 81,500 | ||
| During April | |||
| Costs of raw materials purchased | $ | 119,100 | |
| Costs of direct labor | 101,100 | ||
| Costs of manufacturing overhead | 62,000 | ||
| Sales revenues | 356,000 | ||
Required
Prepare a schedule of cost of goods manufactured and sold.
Calculate the amount of gross margin on the income statement.
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