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 $29,400 22,900 78,700 Ending Inventory $25,700 46,900 69,800 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 $ 40,800 1,600 63,100 36,400 24,500 236,800 Required 1 Required 2 Based on the above information, prepare an income statement for the month of March. STOR SMART 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 Net Income (Loss) from Operations