Assignment
The following information pertains to Flaxman Manufacturing Company for March 2015. Assume actual overhead equaled applied overhead.
|
March 1
|
|
|
Inventory balances
|
|
|
Raw materials
|
100,000
|
|
Work in process
|
120,000
|
|
Finished goods
|
78,000
|
|
March 31
|
|
|
Inventory balances
|
|
|
Raw materials
|
60,000
|
|
Work in process
|
145,000
|
|
Finished goods
|
80,000
|
|
During March
|
|
|
Costs of raw materials purchased
|
120,000
|
|
Costs of direct labor
|
100,000
|
|
Costs of manufacturing overhead
|
63,000
|
|
Sales revenues
|
380,000
|
FLAXMAN MANUFACTURING COMPANY
Schedule of Cost of Goods Manufactured and Sold
For March 2015
Raw materials available for use
Direct raw materials used
Total manufacturing costs
Total work in process inventory
Cost of goods manufactured
Cost of goods available for sale
Cost of goods sold
a. Prepare a schedule of cost of goods manufactured and sold.
FLAXMAN MANUFACTURING COMPANY
Schedule of Cost of Goods Manufactured and Sold
For March 2015
Raw materials available for use
Direct raw materials used
Total manufacturing costs
Total work in process inventory
Cost of goods manufactured
Cost of goods available for sale
Cost of goods sold
b. Calculate the amount of gross margin on the income statement.