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	$ 28,200	$ 26,800
Work in process	22,900	46,900
Finished goods	79,500	68,100

Additional information for the month of March follows:

Raw materials purchases	$ 40,900
Indirect materials used	1,500
Direct labor	62,600
Manufacturing overhead applied	35,700
Selling, general, and administrative expenses	23,500
Sales revenue	236,700

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.