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Stor Smart 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 $28,700 22,600 78,000 Ending Inventory $25,800 46,900 69,500 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 $ 41,000 1,300 62,700 35,900 25,000 237,100 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 STORSMART COMPANY Cost of Goods Manufactured Report For the Month of March Beginning Raw Materials Inventory $ 28,700 Plus: Raw Material Purchases Less: Indirect Material Used Less: Ending Raw Materials Inventory Direct Materials Used in Production 41,000 1,300 25,800 35,900 62,700 35,900 Direct Labor Manufacturing Overhead Applied $ 134,500 Total Current Manufacturing Costs Plus: Beginning Work in Process Inventory $ 22,600 157,100 46,900 Total Work in Process Less: Ending Work in Process Inventory Cost of Goods Manufactured A 110,200 Required 2 > Stor Smart 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 $28,700 22,600 78,000 Ending Inventory $25,800 46,990 69,500 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 $ 41,000 1,300 62,700 35,900 25,000 237,100 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. mnour answers in the tabs below. Required 1 Required 2 Based on the above information, prepare an income statement for the month of March. $ 237,100 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 78,000 110,200 41.500 25.000 Net Income (Loss) from Operations