GrandSlam Incorporated incurred the following costs during March: Selling expenses Direct labor Interest expense Manufacturing overhead, actual Raw materials used Administrative expenses $ 159,500 285,000 41,800 106,350 480,000 119,300 During the month, 18,500 units of product were manufactured and 10,300 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: a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during March. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? d. Prepare a traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month was $1,037,000 and the company's effective income tax rate was 35%.

GrandSlam Incorporated incurred the following costs during March: During the month, 18,500 units of product were manufactured and 10,300 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: a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during March. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? d. Prepare a traditional (absorption) income statement for GrandSiam for the month of March. Assume that sales for the month was $1,037,000 and the company's effective income tax rate was 35%