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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 Mork 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 overhead Costs of manufacturing Sales revenues $124, 100 118,600 77,700 5.56,300 146,000 80,300 $119,500 101,800 61,300 359,000 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 Mork 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 overhead Costs of manufacturing Sales revenues $124, 100 118,600 77,700 5.56,300 146,000 80,300 $119,500 101,800 61,300 359,000 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
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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Required B Calculate the amount of gross margin on the income statement. Gross margin
Transcribed Image Text:Required B Calculate the amount of gross margin on the income statement. Gross margin
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 i Sales revenues $124,100 118,600 77,700 $ 56,300 146,000 80, 300 $119,500 101,800 61,300 359,000 Required a. Prepare a schedule of cost of goods manufactured and sold b. Calculate the amount of gross margin on the income statement Raw materials available for use 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
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 i Sales revenues $124,100 118,600 77,700 $ 56,300 146,000 80, 300 $119,500 101,800 61,300 359,000 Required a. Prepare a schedule of cost of goods manufactured and sold b. Calculate the amount of gross margin on the income statement Raw materials available for use 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
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