E2-22 (Static) 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: Raw materials Work in process Finished goods Beginning Inventory $33,000 25,000 60,800 Ending Inventory $22,600 44,000 58,000 Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Sellins, general, and administrative expenses Sales revenue $ 54,000 10,000 55,800 55.000 58.00 450,000 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