13.28 4,5,7 Cost of goods manufactured, cost of goods sold, and income statement Grand Slam Inc. incurred the following costs during March: Selling expenses Direct labor... Interest expense Manufacturing overhead, actual Raw materials used . Administrative expenses $31,675 56,628 8,213 40,950 92.196 24.600 Required: During the month, 3,900 units of product were manufactured and 2,200 units of product were sold. On March 1, GrandSlam carried no inventories. On March 31. there were no inventories for raw materials or work in process. a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during March. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? (Optional) Prepare a traditional (absorption) income statement for Grand Slam for the month of March. Assume that sales for the month were $207,060 and the com- pany's effective income tax rate was 35%