April 1 Inventory balances Raw materials $ 123,700 Work in process 118,700 Finished goods 77,100 April 30 Inventory balances Raw materials $ 87,000 Work in process 145,100 Finished goods 80,600 During April Costs of raw materials purchased $ 118,800 Costs of direct labor 100,800 Costs of manufacturing overhead 61,800 Sales revenues 358,000
April 1 Inventory balances Raw materials $ 123,700 Work in process 118,700 Finished goods 77,100 April 30 Inventory balances Raw materials $ 87,000 Work in process 145,100 Finished goods 80,600 During April Costs of raw materials purchased $ 118,800 Costs of direct labor 100,800 Costs of manufacturing overhead 61,800 Sales revenues 358,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following information pertains to Flaxman Manufacturing Company for April. Assume actual
| April 1 | |||
| Inventory balances | |||
| Raw materials | $ | 123,700 | |
| Work in process | 118,700 | ||
| Finished goods | 77,100 | ||
| April 30 | |||
| Inventory balances | |||
| Raw materials | $ | 87,000 | |
| Work in process | 145,100 | ||
| Finished goods | 80,600 | ||
| During April | |||
| Costs of raw materials purchased | $ | 118,800 | |
| Costs of direct labor | 100,800 | ||
| Costs of manufacturing overhead | 61,800 | ||
| Sales revenues | 358,000 | ||
Required
-
Prepare a schedule of cost of goods manufactured and sold.
-
Calculate the amount of gross margin on the income statement.
Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Required A Required B
Prepare a schedule of cost of goods manufactured and sold.
FLAXMAN MANUFACTURING COMPANY
Schedule of Cost of Goods Manufactured and Sold
For April
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
0
0
0
Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Required A Required B
Calculate the amount of gross margin on the income statement.
Gross margin
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