StorSmart Company makes plastic organizing bins. The company has the following Inventory balances at the beginning and end of March: Beginning Inventory $ 29,500 Raw materials Work in process Finished goods 22,700 79,700 Additional Information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Ending Inventory $ 26,000 45,100 68,500 Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 40,900 1,500 62,300 36,700 24,200 236,800 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: Beginning Inventory $ 29,500 Raw materials Work in process Finished goods 22,700 79,700 Additional Information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Ending Inventory $ 26,000 45,100 68,500 Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 40,900 1,500 62,300 36,700 24,200 236,800 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
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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
$ 29,500
22,700
79,700
Additional Information for the month of March follows:
Raw materials
Work in process
Finished goods
Raw materials purchases
Indirect materials used
Direct labor
Ending
Inventory
$ 26,000
45,100
68,500
Manufacturing overhead applied
Selling, general, and administrative expenses
Sales revenue
$ 40,900
1,500
62,300
36,700
24,200
236,800
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.
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