cholastic Brass Corporation manufactures brass musical instruments for use by high school students. The company uses a normal costing system, in which manufacturing overhead is applied on the basis of direct$-$labor hours. The company$$s budget for the current year included the following predictions.

Budgeted total manufacturing overhead $ $466,900$

Budgeted total direct$-$labor hours $($based on practical capacity$)20,300$

During March, the firm worked on the following two production jobs:

Job number T$81,$ consisting of $74$ trombones

Job number C$40,$ consisting of $110$ cornets

The events of March are described as follows:

One thousand square feet of rolled brass sheet metal was purchased on account for $$5,000.$

Three hundred pounds of brass tubing was purchased on account for $$3,000.$

The following requisitions were submitted on March $5$:

Requisition number $112$: $250$ square feet of brass sheet metal at $$5$ per square foot $($for Job number T$81)$

Requisition number $113$: $1,000$ pounds of brass tubing, at $$10$ per pound $($for Job number C$40)$

Requisition number $114$: $10$ gallons of valve lubricant, at $$10$ per gallon

All brass used in production is treated as direct material. Valve lubricant is an indirect material.

An analysis of labor time cards revealed the following labor usage for March.

Direct labor: Job number T$81,800$ hours at $$20$ per hour

Direct labor: Job number C$40,900$ hours at $$20$ per hour

Indirect labor: General factory cleanup, $$5,000$

Indirect labor: Factory supervisory salaries, $$9,000$

Depreciation of the factory building and equipment during March amounted to $$11,000.$

Rent paid in cash for warehouse space used during March was $$1,200.$

Utility costs incurred during March amounted to $$2,100.$ The invoices for these costs were received, but the bills were not paid in March.

March property taxes on the factory were paid in cash, $$2,200.$

The insurance cost covering factory operations for the month of March was $$3,100.$ The insurance policy had been prepaid.

The costs of salaries and fringe benefits for sales and administrative personnel paid in cash during March amounted to $$9,000.$

Depreciation on administrative office equipment and space amounted to $$6,000.$

Other selling and administrative expenses paid in cash during March amounted to $$1,000.$

Job number T$81$ was completed on March $20.$

Half of the trombones in Job number T$81$ were sold on account during March for $$700$ each.

The March $1$ balances in selected accounts are as follows:

Cash $ $9,000$

Accounts Receivable $19,000$

Prepaid Insurance $5,000$

Raw$-$Material Inventory $149,000$

Manufacturing Supplies Inventory $400$

Work$-$in$-$Process Inventory $91,000$

Finished$-$Goods Inventory $220,000$

Accumulated Depreciation: Buildings and Equipment $102,000$

Accounts Payable $13,000$

Wages Payable $8,000$

PR $3-57($Algo$)$ Part $7$ Prepare an income statement...

$7.$ Prepare an income statement for March.