E2-22 (Algo) 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 $29,800 $25,700 Work in process 21,900 46,300 Finished goods 79,600 68,900 Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied $ 41,100 1,100 63,100 36,500 Selling, general, and administrative expenses Sales revenue 23,500 237,400 Required: 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information, prepare an income statement for the month of March.