**Flaxman Manufacturing Company - April Financial Overview**The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead.- **April 1 Inventory Balances:** - Raw Materials: $124,000 - Work in Process: $118,500 - Finished Goods: $77,300- **April 30 Inventory Balances:** - Raw Materials: $85,000 - Work in Process: $145,000 - Finished Goods: $80,500- **During April:** - Costs of Raw Materials Purchased: $119,800 - Costs of Direct Labor: $100,700 - Costs of Manufacturing Overhead: $61,700 - Sales Revenues: $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.

Name: **Flaxman Manufacturing Company - April Financial Overview**The follo
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Description: **Flaxman Manufacturing Company - April Financial Overview**The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead.- **April 1 Inventory Balances:** - Raw Materials: $124,000

The cost sheet is prepared to show prime cost, cost of goods manufactured, cost of goods sold, and net profit. So it is below. Gross margin = 62,500

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The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overheac 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 $124,000 118, 500 77, 300 $ 85,000 145, 000 80, 500 Costs of direct labor Costs of manufacturing overhead Sales revenues $119, 800 100,700 61, 700 354, 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 overheac 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 $124,000 118, 500 77, 300 $ 85,000 145, 000 80, 500 Costs of direct labor Costs of manufacturing overhead Sales revenues $119, 800 100,700 61, 700 354, 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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