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StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning...

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Accounting

StorSmart Company makes plastic organizing bins. The company hasthe following inventory balances at the beginning and end ofMarch:

Beginning InventoryEnding Inventory
Raw materials$29,600$26,800
Work in process22,60047,000
Finished goods78,30069,800

Additional information for the month of March follows:

StorSmart Company makes plastic organizing bins. The company hasthe following inventory balances at the beginning and end ofMarch:

Raw materials purchases$40,600
Indirect materials used2,000
Direct labor62,300
Manufacturing overhead applied35,600
Selling, general, and administrative expenses24,400
Sales revenue236,200

Required:
1. Based on the above information, prepare a cost of goodsmanufactured report.

2. Based on the above information, prepare anincome statement for the month of March.

StorSmart Company makes plastic organizing bins. The company hasthe following inventory balances at the beginning and end ofMarch:

Answer & Explanation Solved by verified expert
4.0 Ratings (388 Votes)
StorSmart Company Beginning raw materials inventory 29600 Add Raw material purchases 40600 Less Indirect materials 2000 Less Ending raw material inventory 26800    See Answer
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