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 $123,700 118,200 78,000 $ 85,700 145,400 81,500 $119,400 100, 200 61,500 356,000 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 $123,700 118,200 78,000 $ 85,700 145,400 81,500 $119,400 100, 200 61,500 356,000 Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement.
Chapter5: Process Costing
Section: Chapter Questions
Problem 13PB: Selected information from Hernandez Corporation shows the following: Prepare journal entries to...
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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
$123,700
118,200
78,000
$ 85,700
145,400
81,500
$119,400
100, 200
61,500
356,000
Required
a. Prepare a schedule of cost of goods manufactured and sold.
b. Calculate the amount of gross margin on the income statement.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F129cf060-2184-41e7-bffc-9b42931eb217%2Fc2dbfce8-1f55-4dc1-9567-945af10aa534%2Fl39dnp_processed.jpeg&w=3840&q=75)
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
$123,700
118,200
78,000
$ 85,700
145,400
81,500
$119,400
100, 200
61,500
356,000
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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