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 $123,500 118,600 76,400 $ 85,900 146,900 81,000 $118,700 101,000 62,300 360,000 Costs of direct labor Costs of manufacturing overhead Sales revenues 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 $123,500 118,600 76,400 $ 85,900 146,900 81,000 $118,700 101,000 62,300 360,000 Costs of direct labor Costs of manufacturing overhead Sales revenues 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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What is the ending balance in Work in Process?
please solve both parts with work like explanation , computation , formula and with steps answer in text