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 Work in process Finished goods $29,300 22,900 79,800 S25,800 47,000 69.100 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 Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue S 40,300 1,400 63,100 35,600 24,300 237,200 Required 1. Based on the above information, prepare a cost of goods manufactured report. STORSMART COMPANY Cost of Goods Manufactured Repont For the Month of March Beginning Raw Materials Inventory Plus: Raw Material Purchases Less: Indirect Material Used $ 29,300 40,300 1,400 25,800 Less: Ending Raw Materials Inventory Direct Materials Used in Production Direct Labor 63,100 ufacturing Overhead 35,600