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StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of
Required: 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information,
Required: 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information,
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Answer #1
1.
STORSMART COMPANY
Cost of goods manufactured report
For the month of March
Beginning inventory of raw materials 28100
Plus: Raw material purchases 41100
Less: Indirect materials used 1100
Less: Ending raw materials inventory 26200
Direct materials used in production 41900
Direct labor 63800
Manufacturing overhead 35900
Total current manufacturing costs 141600
Plus: Beginning work in process inventory 23000
Total work in process 164600
Less: Ending work in process inventory 46000
Cost of goods manufactured 118600
2.
STORSMART COMPANY
Income statement
For the month of March
Sales revenue 236100
Less: Cost of goods sold
Beginning finished goods inventory 78200
Plus: Cost of goods manufactured 118600
Less: Ending finished goods inventory 68800
Cost of goods sold 128000
Gross profit 108100
Selling, general and administrative expenses 23200
Net income (Loss) from operations 84900
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