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 $28, 200 22,600 78,500 Ending Inventory $ 26,600 46,000 68,100 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 $ 40,600 1,400 62,700 36,600 23,300 238,000 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. Cost of Goods Manufactured Report For the Month of March Beginning Raw Materials Inventory $ 28,200 Plus: Raw Material Purchases 40,600 Less: Indirect Material Used (1,400) (26,600) Less: Ending Raw Materials Inventory Direct Materials Used in Production $ 40,800 Direct Labor 62,700 Manufacturing Overhead Applied Total Current Manufacturing Costs $ 103,567 Plus: Beginning Work in Process Inventory 22,600 Total Work in Process $ 126,100 Less: Ending Work in Process Inventory (46,000) Cost of Goods Manufactured $ 80,100 STORSMART COMPANY Income Statement For the Month of March Sales Revenue $ 238,000 Less: Cost of Goods Sold Beginning Finished Goods Inventory Plus: Cost of Goods Manufactured >> 78,500 80,100 (68,100) >IX Less: Ending Finished Goods Inventory Cost of Goods Sold Gross Profit >> 90,500 X 147,500 23,300 Selling, General, and Administrative Expenses