Brooks Corporation Balance Sheet March 1 Assets Cash $ 102,000 Raw materials $ 20,200 Work in process 16,000 Finished goods 24,200 60,400 Prepaid expenses 2,560 Property, plant, and equipment (net) 239,000 Total assets $ 403,960 Liabilities and Stockholders Equity Accounts payable $ 21,700 Retained earnings 382,260 Total liabilities and stockholders equity $ 403,960 During March the company completed the following transactions: Purchased raw materials for cash, $84,800. Raw materials used in production, $101,900 ($84,600 was direct materials and $17,300 was indirect materials). Paid $220,850 of salaries and wages in cash ($125,250 was direct labor, $32,600 was indirect labor, and $63,000 was related to employees responsible for selling and administration). Various manufacturing overhead costs paid in cash to support production, $55,800. Depreciation recorded on property, plant, and equipment, $47,800 (85% related to manufacturing equipment and 15% related to assets that support selling and administration). Various selling expenses incurred on account, $30,400. Prepaid insurance expired during the month, $640 (60% related to production, and 40% related to selling and administration). Manufacturing overhead applied to production, $143,409. Cost of goods manufactured, $__?__. (Hint: The Work in Process balance on March 31st is $6,600.) Cash sales to customers, $496,000. Cost of goods sold (unadjusted), $__?__. (Hint: The Finished Goods balance at March 31st is $9,550.) Cash payments to creditors, $45,400. Underapplied or overapplied overhead $__?__. Prepare Brooks Corporations income statement and balance sheet for the month ended March 31st.