Calculating Cost of Goods Manufactured and Sold and Preparing an Income Statement
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 | $30,000 | $25,000 |
Work in process | 23,000 | 45,000 |
Finished goods | 80,000 | 68,000 |
Additional information for the month of March follows:
Raw materials purchases | $ 42,000 |
Indirect materials used | 1,000 |
Direct labor | 64,000 |
Manufacturing overhead applied | 37,000 |
Selling and administrative expenses | 25,000 |
Sales revenue | 236,000 |
Required:
Based on this information, prepare the following for StorSmart:
1.A cost of goods manufactured report.
2. An income statement for the month of March.
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