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StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the...

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Accounting

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 $ 28,200 $ 26,800
Work in process 22,900 46,900
Finished goods 79,500 68,100

Additional information for the month of March follows:

Raw materials purchases $ 40,900
Indirect materials used 1,500
Direct labor 62,600
Manufacturing overhead applied 35,700
Selling, general, and administrative expenses 23,500
Sales revenue 236,700

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.
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