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 March 1 March 31 Materials $186,000 $171,030 Work in process 386,080 452,070 Finished goods 519,210 545,510 Direct labor $3,100,000 Materials purchased during March 2,361,490 Factory overhead incurred during March: Indirect labor 283,430 Machinery depreciation 186,000 Heat, light, and power 155,000 Supplies 30,910 Property taxes 26,570 Miscellaneous costs 40,480 This information has been collected in the Microsoft Excel Online le. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. '=I 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 v $ 386,080 Direct materials: Materials inventory, March 1 V $ 186,000 Purchases v 2,361,490 Cost of materials available for use v 2,376,460 X Materials inventory, March 31 v 171,030 Cost of direct materials used in production $ 2,004,460 X Direct labor v 3,100,000 Factory overhead: Indirect labor v $ 283,430 Machinery depreciation 186,000 Heat, light, and power 155,000 Supplies V 30,910 Property taxes v 26,570 Miscellaneous costs v 40,480U Factory overhead: Indirect labor VI _ V Machinery depreciation J V Heat, light, and power J Supplies V\" 4 Property taxes VI if Miscellaneous costs I V Total factory overhead 722,390 V" Total manufacturing costs incurred during March 7,038,670 X Total manufacturing costs $ 7,038,670 X Work in process inventory, March 31 J 452,070 V\" Cost of goods manufactured $ 7,038,670 X b. Determine the cost of goods sold for March. Round your answer to the nearest dollar. $l:]