The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaledapplied overhead.April 1Inventory balancesRaw materialsWork in processFinished goodsApril 30Inventory balancesRaw materialsWork in processFinished goods$123,700118,70077,400$ 85,700146,60080,900Costs of raw materials$119,200purchasedCosts of direct labor101,300Costs of manufacturing62,600overheadSales revenues352,000During AprilRequireda. Prepare a schedule of cost of goods manufactured and sold.b. Calculate the amount of gross margin on the income statement.Complete this question by entering your answers in the tabs below.Required RequiredABPrepare a schedule of cost of goods manufactured and sold.FLAXMAN MANUFACTURINGCOMPANYSchedule of Cost of GoodsManufactured and SoldFor AprilRaw materials available foruseDirect raw materials usedTotal manufacturing costsTotal work in processinventoryCost of goods manufacturedCost of goods available forsaleCost of goods sold

The statement of cost of goods manufactured is prepared to estimate the cost of goods that are…

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 $123,700 118,700 77,400 April 30 Inventory balances Raw materials Work in process Finished goods During April $ 85,700 146,600 80,900 Costs of raw materials purchased $119,200 Costs of direct labor 101,300 Costs of manufacturing overhead 62,600 Sales revenues 352,000 Required . Prepare a schedule of cost of goods manufactured and sold. . 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 $123,700 118,700 77,400 April 30 Inventory balances Raw materials Work in process Finished goods During April $ 85,700 146,600 80,900 Costs of raw materials purchased $119,200 Costs of direct labor 101,300 Costs of manufacturing overhead 62,600 Sales revenues 352,000 Required . Prepare a schedule of cost of goods manufactured and sold. . 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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