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 $ 29,900 $ 25,300 Work in process 22,700 45,600 Finished goods 78,700 70,000 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 $ 41,300 Indirect materials used 1,600 Direct labor 63,700 Manufacturing overhead applied 35,300 Selling, general, and administrative expenses 24,200 Sales revenue 236,400

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.