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 $123,400 119,700 77,300 $ 86,600 145,600 81,900 $118,600 101,200 61,400 354,000 Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the Income statement.

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 $123,400 119,700 77,300 $ 86,600 145,600 81,900 $118,600 101,200 61,400 354,000 Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the Income statement.

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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