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StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and March: Raw materials Work in process Finished goods Beginning Inventory $29,000 22,200 78,300 Ending Inventory $26,400 46,300 69,000 Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 40,300 1,900 62,100 35,700 24,300 237,200 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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 $ 29,000 Plus: Raw Material Purchases 40,300 Less: Indirect Material Used (1,900) (26,400) Less: Ending Raw Materials Inventory Direct Materials used in Production Direct Labor 62,100 Manufacturing Overhead Applied 35,700 $ 97,800 Total Current Manufacturing Costs Plus: Beginning Work in Process Inventory Total Work in Process 22,200 $ 120,000 Less: Ending Work in Process Inventory (46,300) Cost of Goods Manufactured 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Based on the above information, prepare an income statement for the month of March. $ 237,200 STORSMART COMPANY Income Statement For the Month of March Sales Revenue Less: Cost of Goods Sold Beginning Finished Goods Inventory Plus: Cost of Goods Manufactured Less: Ending Finished Goods Inventory Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses 78,300 (69,000) 24,300 Net Income (Loss) from Operations