StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March Beginning Inventory Ending Inventory $25,600 45,600 68,700 $29,000 2,500 78,300 Raw materials Work in process Finished goods 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 $ 41,400 1,000 63,700 36,700 23,400 237,100 Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue 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 $ 29,000 Beginning Raw Materials Inventory 41,400 Plus: Raw Material Purchases Less: Indirect Material Used (1,000) Less: Ending Raw Materials Inventory (25,600) Direct Materials Used in Production 63,700 Direct Labor Manufacturing Overhead 36,700 Total Current Manufacturing Costs $ 100,400 Plus: Beginning Work in Process Inventory 22,500 Total Work in Process $ 122,900 Less: Ending Work in Process In (45,600) ventory Cost of Goods Manufactured 2. Based on the above information, prepare an income statement for the month of March. STORSMART COMPANY Income Statement For the Month of March $237,100 Sales Revenue Less: Cost of Goods Sold Beginning Finished Goods Inventory 78,300 Plus: Cost of Goods Manufactured Less: Ending Finished Goods Inventory 68,700 Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses (23,400) Net Income (Loss) from Operations StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March