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		$	33,000			$	22,000
Work in process			25,000				44,000
Finished goods			60,000				58,000

Additional information for the month of March follows:

Raw materials purchases	$	84,000
Indirect materials used		10,000
Direct labor		55,000
Manufacturing overhead applied		85,000
Selling, general, and administrative expenses		58,000
Sales revenue		450,000

2. Based on the above information, prepare an income statement for the month of March STOR SMART COMPANY Income Statement For the Month of March S Sales Revenue 450,000 Less: Cost of Goods Sold Beginning Finished Goods Inventory 60,000 206,000 Plus: Cost of Goods Manufactured 58,000 Less: Ending Finished Goods Inventory Cost of Goods Sold Gross Profit Net Income from Operations