StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Raw materials Work in process Finished goods Beginning Inventory $33,000 25,000 60,000 Ending Inventory $22,000 4, 000 58,000 ces 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 Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 84,00 10,000 55,000 85,000 58,000 450,000 Required: 1. Based on the above information, prepare a cost of goods manufactured report. STORSMART COMPANY Cost of Goods Manufactured Report For the Month of March SATRS Ievenue Required: 1. Based on the above information, prepare a cost of goods manufactured report. STORSMART COMPANY Cost of Goods Manufactured Report Book For the Month of March erences Beginning Raw Materials Inventory 2$ 33,000 Plus: Raw Material Purchases 84,000 Less: Indirect Material Used 10,000 22,000 Less: Ending Raw Materials Inventory Direct Materials Used in Production 85,000 2$ Direct Labor 55,000 85,000 Manufacturing Overhead Total Current Manufacturing Costs 225,000 Plus: Beginning Work in Process Inventory 25,000 Total Work in Process 250,000 Less: Ending Work in Process Inventory 44,000 206,000 Cost of Goods Manufactured %24 %24 %24 ork 2 6 Saved 2. Based on the above information, prepare an income statement for the month of March. STORSMART COMPANY Income Statement ik For the Month of March Sales Revenue ces Less: Cost of Goods Sold 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 7 of 11 ( Prev Next