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The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead.
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| April 1 | | | |
| Inventory balances | | | |
| Raw materials | $ | 123,700 | |
| Work in process | | 118,800 | |
| Finished goods | | 77,900 | |
| April 30 | | | |
| Inventory balances | | | |
| Raw materials | $ | 85,200 | |
| Work in process | | 145,800 | |
| Finished goods | | 81,500 | |
| During April | | | |
| Costs of raw materials purchased | $ | 119,100 | |
| Costs of direct labor | | 101,100 | |
| Costs of manufacturing overhead | | 62,000 | |
| Sales revenues | | 356,000 | |
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Required
Prepare a schedule of cost of goods manufactured and sold.
Calculate the amount of gross margin on the income statement.
Answer & Explanation
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