Please do not give solution in image format thanku The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead.April 1Inventory balancesRaw materialsWork in processFinished goodsApril 30Inventory balancesRaw materialsWork in processFinished goodsDuring AprilCosts of raw materials purchasedCosts of direct laborCosts of manufacturing overheadSales revenues$$$123,600118,90077,70086,800147,00080,500119,900100,60062,800357,000Requireda. Prepare a schedule of cost of goods manufactured and sold.b. Calculate the amount of gross margin on the income statement.

Lets understand the basics.The statement of cost of goods manufactured is prepared to estimate the…

The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overh April 1 Inventory balances Raw materials Work in process Finished goods $ 123,600 118,900 77,700

The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overh April 1 Inventory balances Raw materials Work in process Finished goods $ 123,600 118,900 77,700

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 13PB: Selected information from Hernandez Corporation shows the following: Prepare journal entries to...

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Question

Please do not give solution in image format thanku

The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead.
April 1
Inventory balances
Raw materials
Work in process
Finished goods
April 30
Inventory balances
Raw materials
Work in process
Finished goods
During April
Costs of raw materials purchased
Costs of direct labor
Costs of manufacturing overhead
Sales revenues
$
$
$
123,600
118,900
77,700
86,800
147,000
80,500
119,900
100,600
62,800
357,000
Required
a. Prepare a schedule of cost of goods manufactured and sold.
b. Calculate the amount of gross margin on the income statement.

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