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	$	29,600		$	26,800
Work in process		22,600			47,000
Finished goods		78,300			69,800

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	$	40,600
Indirect materials used		2,000
Direct labor		62,300
Manufacturing overhead applied		35,600
Selling, general, and administrative expenses		24,400
Sales revenue		236,200

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: