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		$	25,600
Work in process		21,600			46,300
Finished goods		79,800			68,600

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	$	40,300
Indirect materials used		1,900
Direct labor		63,200
Manufacturing overhead applied		36,900
Selling, general, and administrative expenses		24,500
Sales revenue		237,700

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: