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

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Accounting

StorSmart Company makes plastic organizing bins. The company hasthe following inventory balances at the beginning and end ofMarch:
Beginning Inventory Ending Inventory
Raw materials $ 29,600 $ 26,800
Work in process 22,600 47,000
Finished goods 78,300 69,800
Additional information for the month of March follows:
StorSmart Company makes plastic organizing bins. The company hasthe following inventory balances at the beginning and end ofMarch:
Raw materials purchases $ 40,600
Indirect materials used 2,000
Direct labor 62,300
Manufacturing overhead applied 35,600
Selling, general, and administrative expenses 24,400
Sales revenue 236,200
Required:
1. Based on the above information, prepare a cost of goodsmanufactured report.
2. Based on the above information, prepare anincome statement for the month of March.
StorSmart Company makes plastic organizing bins. The company hasthe following inventory balances at the beginning and end ofMarch:

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StorSmart Company Beginning raw materials inventory 29600 Add Raw material purchases 40600 Less Indirect materials 2000 Less Ending raw material inventory 26800 See Answer

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	Beginning Inventory		Ending Inventory
Raw materials	$	29,600	$	26,800
Work in process		22,600		47,000
Finished goods		78,300		69,800


Raw materials purchases	$	40,600
Indirect materials used		2,000
Direct labor		62,300
Manufacturing overhead applied		35,600
Selling, general, and administrative expenses		24,400
Sales revenue		236,200