StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March:

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:
Based on this information, prepare the following for StorSmart:
1. A cost of goods manufactured report.
2. An income statement for the month ofMarch.

Transcribed Image Text:

Beginning Invento ry Ending Inventory Raw materials Work in process Finished goods 33,000 25,000 60,000 $22,000 44,000 58,000