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StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March:
| Beginning Inventory | Ending Inventory |
| Raw materials | $ 28,200 | $ 26,800 |
| Work in process | 22,900 | 46,900 |
| Finished goods | 79,500 | 68,100 |
Additional information for the month of March follows:
| Raw materials purchases | $ 40,900 |
| Indirect materials used | 1,500 |
| Direct labor | 62,600 |
| Manufacturing overhead applied | 35,700 |
| Selling, general, and administrative expenses | 23,500 |
| Sales revenue | 236,700 |
Required:
- Based on the above information, prepare a cost of goods manufactured report.
- Based on the above information, prepare an income statement for the month of March.
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