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Need help finishing this. StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Raw
Need help finishing this.
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Raw materials Work in process Finished goods Beginning Inventory Ending Inventory $33,000 $22,000 25,000 44,000 60,000 58,000 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: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 84,000 10,000 55,000 85,000 58,000 450,000 Required: 1. Based on the above information, prepare a cost of goods manufactured report. STORSMART COMPANY Cost of Goods Manufactured Report For the Month of March Beginning Raw Materials Inventory $ Plus: Raw Material Purchases Less: Indirect Material Used Less: Ending Raw Materials Inventory Direct Materials used in Production $ Manufacturing Overhead 33,000 84,000 10,000 (22,000) 95,000 (10,000) Total Current Manufacturing Costs $ 85,000 Total Work in Process $ 85,000 Cost of Goods ManufacturedStep by Step Solution
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