The following information pertains to Flaxman Manufacturing Company for March 2018. 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 380,000Calculate the amount of gross margin on the income statement.
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