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 $ 33,000 $ 22,000
Work in process 25,000 44,000
Finished goods 60,000 58,000
Additional information for the month of March follows:
Raw materials purchases $ 84,000
Indirect materials used 10,000
Direct labor 55,000
Manufacturing overhead applied 85,000
Selling, general, and administrative expenses 58,000
Sales revenue 450,000
Required:
1. Based on the above information, prepare a cost of goods manufactured report.
2. Based on the above information, prepare an income statement for the month of March
