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 $29,400 22,000 Raw materials Work in process Finished goods Ending Inventory $ 26,000 45,30 69, 700 78.800 Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 41,400 1,500 63,000 36,200 23,300 237,200 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 Required 1 Required 2 Based on the above information, prepare a cost of goods manufactured report. STOR SMART COMPANY Cost of Goods Manufactured Report For the Month of March Direct Materials used in Production $ 0 Total Current Manufacturing Costs $ 0 Total Work in Process Cost of Goods Manufactured Required 1 Required 2 Based on the above information, prepare an income statement for the month of March. STOR SMART COMPANY Income Statement For the Month of March Less: Cost of Goods Sold Cost of Goods Sold Net Income (Loss) from Operations