Cost of goods manufactured and sold
The following information pertains to Pandey Manufacturing Company for March 2012. Assume actual overhead equaled applied overhead.
March 1 |
|
Inventory balances |
|
Raw materials | $125,000 |
Work in process | 120,000 |
Finished goods | 78,000 |
March 31 |
|
Inventory balances |
|
Raw materials | $ 85,000 |
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 | 350,000 |
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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