The following information pertains to Flaxman Manufacturing Company for March 2015. Assume actual overhead equaled applied overhead.
Question:
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
Required
a. Prepare a schedule of cost of goods manufactured and sold.
b. Calculate the amount of gross margin on the incomestatement.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078025655
7th edition
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old
Question Posted: