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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
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 | $ | 29,200 | $ | 25,900 | ||
Work in process | 21,500 | 45,700 | ||||
Finished goods | 78,000 | 69,300 | ||||
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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 | $ | 40,900 |
Indirect materials used | 1,500 | |
Direct labor | 63,400 | |
Manufacturing overhead applied | 35,600 | |
Selling, general, and administrative expenses | 24,900 | |
Sales revenue | 238,000 | |
Required: 1. Based on the above information, prepare a cost of goods manufactured report.
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