StoSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Raw materials Work in process Finished goods Beginning Inventory $28,100 21.900 79,900 Ending Inventory $25,600 46,800 68,500 Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling general, and administrative expenses Sales revenue 40,500 1,900 62,900 35.200 23,200 236,500 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 Cost of Goods Manufactured Report For the Month of March Beginning Raw Materials Inventory Plus: Raw Material Purchases Less: Indirect Material Used Less: Ending Raw Materials Inventory Direct Materials used in Production Direct Labor Manufacturing Overhead Total Current Manufacturing Costs Plus: Beginning Work in Process Inventory Total Work in Process 212 words English (United States) Focus I STORSMART COMPANY Cost of Goods Manufactured Report For the Month of March Beginning Raw Materials Inventory Plus: Raw Material Purchases Less: Indirect Material Used Less: Ending Raw Materials Inventory Direct Materials used in Production Direct Labor Manufacturing Overhead Total Current Manufacturing Costs Plus: Beginning Work in Process Inventory Total Work in Process Less: Ending Work in Process Inventory Cost of Goods Manufactured COMPANY Income Statement For the Month of March Less: Cost of Goods Sold Beginning Finished Goods Inventory Less: Cost of Goods Manufactured Plus: Ending Finished Goods Inventory Cost of Goods Sold Gross Profit Beginning Finished Goods Inventory Accounts Receivable General and Administrative Salary Expense Net Income (Loss) from Operations