March: Beginning Inventory Ending Inventory Raw materials $ 29,100 $ 26,000 Work in process 21,800 45,500 Finished goods 79,500 69,000 Additional information for the month of March follows: Raw materials purchases $ 40,900 Indirect materials used 1,900 Direct labor 63,500 Manufacturing overhead applied 36,000 Selling, general, and administrative expenses 23,800 Sales revenue 237,100 Required: 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information, prepare an income statement for the month of March.