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quired A Required B > n on the income statement. < Required A Required B

quired A Required B > n on the income statement. < Required A Required B

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Cost of goods sold Required A Required B Gross margin < Required A Required B > Calculate the amount of gross margin on the income statement. < Required A Required B >
Transcribed Image Text: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 Cost of goods sold Required A Required B Gross margin < Required A Required B > Calculate the amount of gross margin on the income statement. < Required A Required B >
The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. April 1 Inventory balances Raw materials Work in process Finished goods April 30 Inventory balances Raw materials Work in process Finished goods During April Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues $124,500 119,000 77,700 $ 86,000 145,400 80,500 $119,500 101,700 61,300 357,000 Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement.
Transcribed Image Text:The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. April 1 Inventory balances Raw materials Work in process Finished goods April 30 Inventory balances Raw materials Work in process Finished goods During April Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues $124,500 119,000 77,700 $ 86,000 145,400 80,500 $119,500 101,700 61,300 357,000 Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement.
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