GrandSlam Incorporated incurred the following costs during March:

Selling expenses $ $159,400$

Direct labor $302,000$

Interest expense $42,900$

Manufacturing overhead, actual $122,920$

Raw materials used $473,000$

Administrative expenses $124,200$

During the month, $18,400$ units of product were manufactured and $11,200$ 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:

Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured.

Calculate the cost of goods sold during March.

Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements?

Prepare a traditional $($absorption$)$ income statement for GrandSlam for the month of March. Assume that sales for the month was $$1,042,000$ and the company's effective income tax rate was $35\%.$