StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Raw materials Work in process Finished goods Beginning Inventory $ 29,200 22,700 79,600 Ending Inventory $ 25,100 46,400) 68,800 Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue Required: $ 41,300 1,700 63,700 36,800 24,200 236,200 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. Required 1 Required 2 Based on the above information, prepare an income statement for the month of March. StorSmart Company Income Statement For the Month of March Sales Revenue Less: Cost of Goods Sold Beginning Finished Goods Inventory Plus: Cost of Goods Manufactured Less: Ending Finished Goods Inventory Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Net Income (Loss) from Operations < Required 1 Required 2 Required 1 Required 2 Based on the above information, prepare a cost of goods manufactured report. StorSmart Company Cost of Goods Manufactured Report For the Month of March Beginning Raw Materials Inventory 29,200 Plus: Raw Material Purchases 41,300 Less: Indirect Material Used (1,700) Less: Ending Raw Materials Inventory (25,100) Direct Materials Used in Production $ 43,700 Direct Labor 63,700 Manufacturing Overhead Applied 36,800 Total Current Manufacturing Costs $ 144,200 Plus: Beginning Work in Process Inventory 22,700 Total Work in Process $ 166,900 Less: Ending Work in Process Inventory (46,400) Cost of Goods Manufactured