StorSmart 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 $ 29,700 22,800 78,800 Ending Inventory $27,000 45,400 68,900 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 Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 40, 200 1,900 63,400 37,000 23,600 236,900 Required: 1. Based on the above information, prepare a cost of goods manufactured report. STORSMART COMPANY Cost of Goods Manufactured Report For the Month of March STORSMART COMPANY Cost of Goods Manufactured Report For the Month of March Direct Materials Used in Production Total Current Manufacturing Costs $ 0 Total Work in Process $ 0 Cost of Goods Manufactured 2. Based on the above information, prepare an income statement for the month of March. 2. Based on the above information, prepare an income statement for the month of March. STORSMART COMPANY Income Statement For the Month of March Less: Cost of Goods Sold Cost of Goods Sold Net Income (Loss) from Operations StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March