StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Ending Inventory $ 26,700. Beginning Inventory $ 29,200 Raw materials Work in process 21,700 78,900 Finished goods Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor 46,400 68,900 Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 40,600 1,100 63,100 35,500 23,800 238,000 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.
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Ending Inventory $ 26,700. Beginning Inventory $ 29,200 Raw materials Work in process 21,700 78,900 Finished goods Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor 46,400 68,900 Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 40,600 1,100 63,100 35,500 23,800 238,000 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
$ 29,200
Raw materials
Work in process
Finished goods
21,700
78,900
Additional information for the month of March follows:
A
Raw materials purchases
Indirect materials used
Direct labor
Manufacturing overhead applied
Selling, general, and administrative expenses
Sales revenue
Ending
Inventory
$ 26,700.
46,400
68,900
Required 1
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.
Required 2
89 SEP
Rased on the above information nrenare a cost of goods manufactured report
< Prev
8 of 8
$ 40,600
1,100
63,100
35,500
23,800
238,000
tv
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‒‒‒
‒‒‒
Next >
A O
O](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F96754444-8db0-4381-98d5-32976fba1a32%2Fcdf3c8ce-46e4-4dbc-be32-f8ef490629a3%2Fg3fjevr_processed.jpeg&w=3840&q=75)
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
$ 29,200
Raw materials
Work in process
Finished goods
21,700
78,900
Additional information for the month of March follows:
A
Raw materials purchases
Indirect materials used
Direct labor
Manufacturing overhead applied
Selling, general, and administrative expenses
Sales revenue
Ending
Inventory
$ 26,700.
46,400
68,900
Required 1
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.
Required 2
89 SEP
Rased on the above information nrenare a cost of goods manufactured report
< Prev
8 of 8
$ 40,600
1,100
63,100
35,500
23,800
238,000
tv
‒‒‒
‒‒‒
‒‒‒
Next >
A O
O
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