The following information pertains to Fanning Manufacturing Company for March Year 3. Assume actual overhead equaled applieoverhead.March 1Inventory balancesRaw materialsWork in processFinished goodsMarch 31Inventory balances$124,700119,50076,100Raw materialsWork in processFinished goods$ 85,300145,50080,100During MarchCosts of raw materials purchasedCosts of direct labor$118,700101,600Costs of manufacturing overheadSales revenues62,200355,000Requireda. Prepare a schedule of cost of goods manufactured and sold.b. Calculate the amount of gross margin on the income statement.Complete this question by entering your answers in the tabs below.Required A Required BPrepare a schedule of cost of goods manufactured and sold.

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Description: The following information pertains to Fanning Manufacturing Company for March Year 3. Assume actual overhead equaled applieoverhead.March 1Inventory balancesRaw materialsWork in processFinished goodsMarch 31Inventory balances$124,700119,50076,100Raw

Gross Margin=Sales revenues-Cost of goods sold

Business

Accounting

The following information pertains to Fanning Manufacturing Company for March Year 3. Assume actual overhead equaled ape overhead. March 1 $124,700 119,500 76,100 Inventory balances Raw materials Work in process Finished goods March 31 Inventory balances Rav materials Work in process Finished goods $ 85,300 145,500 80,100 During March Costs of raw materials purchased Costs of direct labor $119,700 101,600 Costs of manufacturing overhead Sales revenues 62,200 355,000 Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. 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

The following information pertains to Fanning Manufacturing Company for March Year 3. Assume actual overhead equaled ape overhead. March 1 $124,700 119,500 76,100 Inventory balances Raw materials Work in process Finished goods March 31 Inventory balances Rav materials Work in process Finished goods $ 85,300 145,500 80,100 During March Costs of raw materials purchased Costs of direct labor $119,700 101,600 Costs of manufacturing overhead Sales revenues 62,200 355,000 Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. 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

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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