GrandSlam Incorporated incurred the following costs during March:

Selling expenses	$ 155,800
Direct labor	310,000
Interest expense	41,100
Manufacturing overhead, actual	40,820
Raw materials used	480,000
Administrative expenses	124,900

During the month, 18,300 units of product were manufactured and 10,800 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 was $1,031,000 and the company's effective income tax rate was 35%