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 $ 29,700 $ 26,600 Work in process 22,400 45,300 Finished goods 79,600 68,600 Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue Required: $ 40,500 1,800 63,300 35,800 24,200 236,400 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. Required 1 Required 2 Based on the above information, prepare a cost of goods manufactured report. Stor Smart Company Cost of Goods Manufactured Report For the Month of March Direct Materials Used in Production 4 Prov 3 of 5 Novt

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
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
$ 29,700
$ 26,600
Work in process
22,400
45,300
Finished goods
79,600
68,600
Additional information for the month of March follows:
Raw materials purchases
Indirect materials used
Direct labor
Manufacturing overhead applied
Selling, general, and administrative expenses
Sales revenue
Required:
$ 40,500
1,800
63,300
35,800
24,200
236,400
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.
Required 1
Required 2
Based on the above information, prepare a cost of goods manufactured report.
Stor Smart Company
Cost of Goods Manufactured Report
For the Month of March
Direct Materials Used in Production
4
Prov
3 of 5
Novt
Transcribed Image Text: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 $ 29,700 $ 26,600 Work in process 22,400 45,300 Finished goods 79,600 68,600 Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue Required: $ 40,500 1,800 63,300 35,800 24,200 236,400 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. Required 1 Required 2 Based on the above information, prepare a cost of goods manufactured report. Stor Smart Company Cost of Goods Manufactured Report For the Month of March Direct Materials Used in Production 4 Prov 3 of 5 Novt
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Cost Sheet
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education