GrandSlam Inc. incurred the following costs during March:

Selling expenses	$	161,700
Direct labor		296,000
Interest expense		41,500
Manufacturing overhead, actual		124,080
Raw materials used		460,000
Administrative expenses		118,100

During the month, 19,300 units of product were manufactured and 11,700 units of product were sold. On March 1, GrandSlam carried no inventories. On March 31, there were no inventories for raw materials or work in process. Required:

1. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured.
2. Calculate the cost of goods sold during March.
3. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements?
4. Prepare a traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month were $1,049,000 and the company's effective income tax rate was 30%.