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	$	28,500		$	26,600
Work in process		21,500			46,800
Finished goods		78,200			69,000

Additional information for the month of March follows:

Raw materials purchases	$	40,500
Indirect materials used		1,900
Direct labor		62,800
Manufacturing overhead applied		35,900
Selling, general, and administrative expenses		24,800
Sales revenue		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.