StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Beginning Inventory Ending Inventory Rav materials $28,800 $26,200 Work in process 22,900 46,500 Finished goods 78,400 69,600 Additional information for the month of March follows: Rav materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 40,200 1,900 63,400 35,600 23,800 236,600 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. 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 $ 28,8001 40,200 1,900 26,200 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 46,500 Cost of Goods Manufactured Required 1 Required 2 Based on the above information, prepare an income statement for the month of March. Sales Revenue Less: Cost of Goods Sold STORSMART COMPANY Income Statement For the Month of March 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