Question

StorSmart 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 $33,000 25,000 60,000 Ending Inventory $22,000 এ4, 000 58,000 ces Additional information for the month of March follows: StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 84,00 10,000 55,000 85,000 58,000 450,000 Required: 1. Based on the above information, prepare a cost of goods manufactured report. STORSMART COMPANY Cost of Goods Manufactured Report For the Month of March < Prev 7 of 11 Next >

Answer 1

Answer 2:

Income statement is as follows:

$450,000 STORSMART COMPANY Income Statement For the Month of March Sales Revenue Less: Cost of Goods sold Beginning Finished Goods inventory Plus: Cost of Goods Manufactured Less: Ending Finished Goods Inventory Cost of Goods Sold Gross Profit Selling, General and Administrative Expesnes $60,000 $206,000 $58,000 $208,000 $242,000 $58,000 Net Income $184,000