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	$	29,800		$	25,600
Work in process		21,900			46,000
Finished goods		78,500			68,800

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	$	41,700
Indirect materials used		1,200
Direct labor		62,900
Manufacturing overhead applied		35,900
Selling, general, and administrative expenses		23,100
Sales revenue		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.

StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: