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	$	30,000		$	25,700
Work in process		21,600			45,500
Finished goods		79,100			68,700

Additional information for the month of March follows:

Raw materials purchases	$	41,800
Indirect materials used		2,000
Direct labor		62,500
Manufacturing overhead applied		35,300
Selling, general, and administrative expenses		24,900
Sales revenue		236,500

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.