torSmart 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		$	26,400
Work in process		21,800			46,500
Finished goods		80,000			69,900

Additional information for the month of March follows:

Raw materials purchases	$	40,300
Indirect materials used		1,400
Direct labor		63,000
Manufacturing overhead applied		36,400
Selling, general, and administrative expenses		23,800
Sales revenue		236,800

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.