The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. April 1 Inventory balances Raw materials$123,600 Work in process 119,300 Finished goods 77,600 April 30 Inventory balances Raw materials$86,600 Work in process 146,900 Finished goods 80,700 During April Costs of raw materials purchased$118,900 Costs of direct labor 100,900 Costs of manufacturing overhead 61,700 Sales revenues 357,000 Prepare a schedule of cost of goods manufactured and sold.Calculate the amount of gross margin on the income statement.

Formula Gross margin = Sales revenue - cost of goods sold

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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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The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead.


April 1
Inventory balances
Raw materials	$	123,600
Work in process		119,300
Finished goods		77,600
April 30
Inventory balances
Raw materials	$	86,600
Work in process		146,900
Finished goods		80,700
During April
Costs of raw materials purchased	$	118,900
Costs of direct labor		100,900
Costs of manufacturing overhead		61,700
Sales revenues		357,000

Prepare a schedule of cost of goods manufactured and sold.
Calculate the amount of gross margin on the income statement.

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