E2-20 Calculating Cost of Goods Manufactured and Sold and Preparing an Income Statement [LO 2-6]

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	$	29,900		$	25,100
Work in process		22,100			46,600
Finished goods		78,300			68,300

Additional information for the month of March follows:

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

Raw materials purchases	$	41,400
Indirect materials used		1,500
Direct labor		63,000
Manufacturing overhead applied		35,700
Selling, general, and administrative expenses		24,900
Sales revenue		238,000

Required: 1. Based on the above information, prepare a cost of goods manufactured report. (See the Learn Discussion Board - Ch 2 Questions for a Template since the answer contains blank lines).

2. Based on the above information, prepare an income statement for the month of March. (See the Learn Discussion Board - Ch 2 Questions for a Template since the answer contains blank lines).

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