The following information pertains to Thornton Manufacturing Company for March Year 3. Assume actual overhead equaled applied Overhead. March 1 Inventory balances Raw materials Work in process Finished goods March 31 Inventory balances Raw materials Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor $ 124,100 118,300 76,300 $ 85,400 145,700 80,500 $ 118,500 100,800 61,600 356,000 Costs of manufacturing overhead Sales revenues Required a. Prepare a schedule of cost of goods manufactured and sold. 2. Calculate the amount of gross margin on the income statement.

The following information pertains to Thornton Manufacturing Company for March Year 3. Assume actual overhead equaled applied Overhead. March 1 Inventory balances Raw materials Work in process Finished goods March 31 Inventory balances Raw materials Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor $ 124,100 118,300 76,300 $ 85,400 145,700 80,500 $ 118,500 100,800 61,600 356,000 Costs of manufacturing overhead Sales revenues Required a. Prepare a schedule of cost of goods manufactured and sold. 2. Calculate the amount of gross margin on the income statement.

Name: The following information pertains to Thornton Manufacturing Company
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Description: The following information pertains to Thornton Manufacturing Company for March Year 3. Assume actual overhead equaled appliedoverhead.March 1Inventory balancesRaw materialsWork in processFinished goodsMarch 31Inventory balancesRaw materialsWork in p

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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