The following information pertains to Bairoil Manufacturing Company for March Year 3. Assume actual overhead equaled applied overhead. March 1 inventory balances: Raw Materials 200,000, Work in Process240,000, Finished Goods 156,000. March 31 inventory balances: Raw Materials120,000, Work in Process 290,000, Finished Goods160,000. During March, costs of raw materials purchased 240,000, costs of direct labor200,000, costs of manufacturing overhead 126,000, sales revenues760,000. 1. Prepare a schedule of cost of goods manufactured and sold. 2. Calculate the amount of gross margin on the income statement.