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 $29,500 22,500 78,800 $26,200 45,900 69,500 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 $ 41,600 2,000 63,000 36,600 23,700 236,300 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 Income Statement For the Month of March Less: Cost of Goods Sold Cost of goods available for sale Cost of Goods Sold Net Income (Loss) from Operations