StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Beginning Ending Inventory Inventory Raw materials $28,300 $25,500 Work in process 21,700 46,200 Finished goods 78,100 68,900 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 $ 40,800 1,800 63,700 35,600 24,800 237,600 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. 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. Complete this question by entering your answers in the tabs below. 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 Plus: Raw Material Purchases Less: Indirect Material Used Less: Ending Raw Materials Inventory Direct Materials Used in Production Direct Labor Manufacturing Overhead Applied Total Current Manufacturing Costs $ 0 Plus: Beginning Work in Process Inventory Total Work in Process $ 0 Less: Ending Work in Process Inventory Cost of Goods Manufactured Required 1 Required 2 Based on the above information, prepare an income statement for the month of March. STORSMART COMPANY Less: Cost of Goods Sold Cost of Goods Sold Income Statement For the Month of March Net Income (Loss) from Operations