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Had trouble with part 2, wanted to make sure my work was correct. StorSmart Company makes plastic organizing bins. The company has the following inventory
Had trouble with part 2, wanted to make sure my work was correct.
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Beginning Inventory Ending Inventory $26,200 46,600 69,100 $29,100 21,400 79,000 Raw materials Work in process Finished goods Additional information for the month of March follows: StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: $ 41,600 1,800 63,200 36,800 24,200 236,300 Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue Required: 1. Based on the above information, prepare a cost of goods manufactured report STORSMART COM PANY Cost of Goods Manufactured Report For the Month of March Beginning Raw Materials Inventory 29,100 Plus: Raw Material Purchases 41,600 Less: Indirect Material Used 1,800 26,200 Less: Ending Raw Materials Inventory Direct Materials Used in Production 36,800 Direct Labor 63,200 Manufacturing Overhead 36,800 Total Current Manufacturing Costs 136,800 Plus: Beginning Work in Process Inventory 21,400 Total Work in Process 158,200 Less: Ending Work in Process Inventory 46,600 111,600 Cost of Goods Manufactured 2. Based on the above information, prepare an income statement for the month of March. STORSMART COMPANY Income Statement For the Month of March Sales Revenue 236,300 Less: Cost of Goods Sold Cost of goods available for sale Cost of Goods Sold Net Income (Loss) from Operations StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of MarchStep by Step Solution
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