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 $28,700 21,800 78,700 Ending Inventory $25,800 45,500 68,700 Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 40,200 1,700 63,100 35,700 23,000 237,400 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. Required 1 Required 2 Based on the above information, prepare a cost of goods manufactured report. STOR SMART COMPANY Cost of Goods Manufactured Report For the Month of March Direct Materials Used in Production Total Current Manufacturing Costs Total Work in Process Cost of Goods Manufactured Required 1 Required 2 Based on the above information, prepare an income statement for the month of March. STORSMART COMPANY Income Statement For the Month of March Less: Cost of Goods Sold Cost of Goods Sold Net Income (Loss) from Operations