StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and endof March:Beginning Inventory$ 29,200Raw materialsWork in processFinished goods21,70078,900Additional information for the month of March follows:ARaw materials purchasesIndirect materials usedDirect laborManufacturing overhead appliedSelling, general, and administrative expensesSales revenueEndingInventory$ 26,700.46,40068,900Required 1Required: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 289 SEPRased on the above information nrenare a cost of goods manufactured report< Prev8 of 8$ 40,6001,10063,10035,50023,800238,000tv‒‒‒‒‒‒‒‒‒Next >A OO

The cost of goods manufactured represent the cost of goods finished during the period. The gross…

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.

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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