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		$	33,000			$	22,000
Work in process			25,000				44,000
Finished goods			60,000				58,000

Additional information for the month of March follows:

Raw materials purchases	$	84,000
Indirect materials used		10,000
Direct labor		55,000
Manufacturing overhead applied		85,000
Selling, general, and administrative expenses		58,000
Sales revenue		450,000

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.