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 $ 29,300 $ 25,300 Work in process 22,900 45,600 Finished goods 78,600 69,000 Additional information for the month of March follows: Raw materials purchases $ 40,800 Indirect materials used 1,100 Direct labor 62,700 Manufacturing overhead applied 36,500 Selling, general, and administrative expenses 23,500 Sales revenue 237,400

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.