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The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overh April 1 Inventory balances Raw materials Work in process Finished goods $ 123,600 118,900 77,700

The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overh April 1 Inventory balances Raw materials Work in process Finished goods $ 123,600 118,900 77,700

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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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 $ $ $ 123,600 118,900 77,700 86,800 147,000 80,500 119,900 100,600 62,800 357,000 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 $ $ $ 123,600 118,900 77,700 86,800 147,000 80,500 119,900 100,600 62,800 357,000 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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