Question

LTE 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 Loss Ending Work in Process Inventory Cost of Goods Mandured COMPANY For the Month of March Cost of Goods Sold Begg Fished Goodstory Coul of Goods and Enged Goods

I need the answers to the questions in the red

Answer 1

Ans. 1	STORSMART COMPANY
	Cost of Goods Manufactured Report
	For the Month of March
	Particulars	Amount
	Beginning raw materials inventory	$28,100
	Plus: Raw material purchases	$40,500
	Less: Indirect materials used	-$1,900
	Less: Ending raw materials inventory	-$25,600
	Direct materials used in production	$41,100
	Direct labor	62900
	Manufacturing overhead applied	$35,200
	Total current manufacturing costs	$139,200
	Plus: Beginning Work in process inventory	$21,900
	Total work in process	$161,100
	Less: Ending Work in process inventory	-$46,800
	Cost of goods manufactured	$114,300
Ans. 2	STORSMART COMPANY
	Income Statement
	For the Month of March
	Particulars	Amount	Amount
	Sales revenue		$236,500
	Less: Cost of goods sold:
	Beginning finished goods inventory	$79,900
	Plus: Cost of Goods Manufactured	$114,300
	Less: Ending finished goods inventory	-$68,500
	Cost of goods sold		$125,700
	Gross profit		$110,800
	Selling, general and administrative expenses		$23,200
	Net income from operations		$87,600