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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
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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Based on the above information, prepare a cost of goods manufactured report. STORSMART COMPANY Cost of Goods Manufactured Report For the Month of March Direct Materials Used in Production Total Current Manufacturing Costs Total Work in Process Cost of Goods Manufactured Less: Cost of Goods Sold Cost of Goods Sold $ Net Income (Loss) from Operations $ Based on the above information, prepare an income statement for the month of March. STORSMART COMPANY Income Statement For the Month of March 0 0 < Required 1 Required
Transcribed Image Text:Based on the above information, prepare a cost of goods manufactured report. STORSMART COMPANY Cost of Goods Manufactured Report For the Month of March Direct Materials Used in Production Total Current Manufacturing Costs Total Work in Process Cost of Goods Manufactured Less: Cost of Goods Sold Cost of Goods Sold $ Net Income (Loss) from Operations $ Based on the above information, prepare an income statement for the month of March. STORSMART COMPANY Income Statement For the Month of March 0 0 < Required 1 Required
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Raw materials Work in process Finished goods Beginning Inventory Raw materials purchases Indirect materials used Direct labor $29,700 21,700 78,100 Ending Inventory $25,900 46,900 69,100 Additional Information for the month of March follows: Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 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. Complete this question by entering your answers in the tabs below.
Transcribed Image Text:StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Raw materials Work in process Finished goods Beginning Inventory Raw materials purchases Indirect materials used Direct labor $29,700 21,700 78,100 Ending Inventory $25,900 46,900 69,100 Additional Information for the month of March follows: Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 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. Complete this question by entering your answers in the tabs below.
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