Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: Inventories Materials Work in process Finished goods March 1 $222,000 March 31 $204,130 539,560 619,700 651,080 460,810 Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor $3,700,000 2,818,550 Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs 338,280 222,000 185,000 36,890 31,710 48,310 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. a. Prepare a cost of goods manufactured statement for March. Round your answers to the nearest dollar. Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31 Work in process inventory, March 1 Direct materials: Materials inventory, March 1 Purchases Cost of materials available for use Materials inventory, March 31 Cost of direct materials used in production Direct labor Factory overhead: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs 222,000 2,818,500 x $ 3,040,500 X -204,130 338,280 $ 2,836,370 X 3,700,000 222,000 185,000 36,890 31,710 48,310 862,190 460,810 Total factory overhead Total manufacturing costs incurred during March Total manufacturing costs Work in process inventory, March 31 Cost of goods manufactured b. Determine the cost of goods sold for March. Round your answer to the nearest dollar. 7,288,430 x 7,398,560 x $ 7,859,370 X -539,560 $ 7,319,810 X