The following information pertains to Flaxman Manufacturing Company for March 2015. Assume actual overhead equaled applied overhead. March 1 Inventory balances $123,800 119,500 77,200 Raw materials Work in process Finished goods March 31 Inventory balances Raw materials $ 85,500 146,700 81,300 Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor 118,200 101,700 Costs of manufacturing 62,200 overhead Sales revenues 350,000 Required: a. Prepare a schedule of cost of goods manufactured and sold. COMPANY Schedule of Cost of Goods Manufactured and Sold For March 2015 Raw materials available for 0 use Direct raw materials used 0 Total manufacturing costs 0 Total work in process inventory Cost of goods manufactured Cost of goods available for sale 0 Cost of goods sold $ b. Calculate the amount of gross margin on the income statement. Gross margin
The following information pertains to Flaxman Manufacturing Company for March 2015. Assume actual overhead equaled applied overhead. March 1 Inventory balances $123,800 119,500 77,200 Raw materials Work in process Finished goods March 31 Inventory balances Raw materials $ 85,500 146,700 81,300 Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor 118,200 101,700 Costs of manufacturing 62,200 overhead Sales revenues 350,000 Required: a. Prepare a schedule of cost of goods manufactured and sold. COMPANY Schedule of Cost of Goods Manufactured and Sold For March 2015 Raw materials available for 0 use Direct raw materials used 0 Total manufacturing costs 0 Total work in process inventory Cost of goods manufactured Cost of goods available for sale 0 Cost of goods sold $ b. Calculate the amount of gross margin on the income statement. Gross margin
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter1: Introduction To Cost Accounting
Section: Chapter Questions
Problem 8P: OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending...
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