StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end ofMarch:Beginning Inventory$ 28,90022,30079,900Additional information for the month of March follows:Raw materialsWork in processFinished goodsRaw materials purchasesIndirect materials usedDirect laborEndingInventory$ 26,60045,60068,400Manufacturing overhead appliedSelling, general, and administrative expensesSales revenueRequired 1 Required 21Required: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.$ 40,1001,20063,00035,20024,900237,100

StorSmart Company makes plastic organizing bins. The company has the following inventory balances March: Beginning Inventory $ 28,900 22,300 79,900 Additional information for the month of March follows: Raw materials Work in process Finished goods Ending Inventory $ 26,600 45,600 68,400 Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 40,100 1,200 63,000 35,200 24,900 237,100 Required: 1. Based on the above information, prepare a cost of goods manufactured report.

StorSmart Company makes plastic organizing bins. The company has the following inventory balances March: Beginning Inventory $ 28,900 22,300 79,900 Additional information for the month of March follows: Raw materials Work in process Finished goods Ending Inventory $ 26,600 45,600 68,400 Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 40,100 1,200 63,000 35,200 24,900 237,100 Required: 1. Based on the above information, prepare a cost of goods manufactured report.

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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