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	$	28,600		$	26,000
Work in process		22,500			45,300
Finished goods		78,700			69,100

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	$	41,200
Indirect materials used		1,200
Direct labor		63,000
Manufacturing overhead applied		35,800
Selling, general, and administrative expenses		24,900
Sales revenue		236,600

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: