Please do not give solution in image format and please show your work thanku Based on the above information, prepare a cost of goods manufactured report.STORSMART COMPANYCost of Goods Manufactured ReportFor the Month of MarchDirect Materials Used in ProductionTotal Current Manufacturing CostsTotal Work in ProcessCost of Goods ManufacturedLess: Cost of Goods SoldCost of Goods Sold$Net Income (Loss) from Operations$Based on the above information, prepare an income statement for the month of March.STORSMART COMPANYIncome StatementFor the Month of March00< Required 1Required StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end ofMarch:Raw materialsWork in processFinished goodsBeginningInventoryRaw materials purchasesIndirect materials usedDirect labor$29,70021,70078,100Ending Inventory$25,90046,90069,100Additional Information for the month of March follows:Manufacturing overhead appliedSelling, general, and administrative expensesSales revenue$ 41,1001,70062,90036,30024,800237,000Required: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.Complete this question by entering your answers in the tabs below.

The statement of cost of goods manufactured includes the cost of goods that are finished during the…

March: Raw materials Work in process Finished goods Beginning Ending Inventory Inventory $29,700 21,700 78,100 Raw materials purchases Indirect materials used Direct labor $25,900 46,900 69,100 Additional Information for the month of March follows: Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue has the following inventory balances at the beginning and end off $ 41,100 1,700 62,900 36,300 24,800 237,000 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,

March: Raw materials Work in process Finished goods Beginning Ending Inventory Inventory $29,700 21,700 78,100 Raw materials purchases Indirect materials used Direct labor $25,900 46,900 69,100 Additional Information for the month of March follows: Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue has the following inventory balances at the beginning and end off $ 41,100 1,700 62,900 36,300 24,800 237,000 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,

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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