StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March:

	Beginning Inventory			Ending Inventory
Raw materials	$	29,800		$	26,800
Work in process		21,800			45,600
Finished goods		79,100			69,300

Additional information for the month of March follows:

StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March:

Raw materials purchases	$	41,100
Indirect materials used		1,600
Direct labor		63,800
Manufacturing overhead applied		36,800
Selling, general, and administrative expenses		24,700
Sales revenue		237,600

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 makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: