StorSmart Company makes plastic organizing bins. The company hasthe following inventory balances at the beginning and end ofMarch:
| Beginning Inventory | Ending Inventory |
| Raw materials | $ | 29,600 | | $ | 26,800 | |
| Work in process | | 22,600 | | | 47,000 | |
| Finished goods | | 78,300 | | | 69,800 | |
|
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 used | | 2,000 |
| Direct labor | | 62,300 |
| Manufacturing overhead applied | | 35,600 |
| Selling, general, and administrative expenses | | 24,400 |
| Sales revenue | | 236,200 |
|
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:
