StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Ending Beginning Inventory $28,500 Inventory $25,500 45,200 Raw materials Work in process Finished goods 21,500 79,300 69,000 Additional information for the month of March follows: Raw materials purchases Indirect materials used $ 40,400 1,300 62,300 Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue 36,100 23,700 237,100 Required: 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information, prepare an income statement for the month of March. O Answer is not complete.

StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Ending Beginning Inventory $28,500 Inventory $25,500 45,200 Raw materials Work in process Finished goods 21,500 79,300 69,000 Additional information for the month of March follows: Raw materials purchases Indirect materials used $ 40,400 1,300 62,300 Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue 36,100 23,700 237,100 Required: 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information, prepare an income statement for the month of March. O Answer is not complete.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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