Prepare an income statement for the month of march

Reference no: EM131983560

Problem

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		$	33,000		$	22,000
Work in process			25,000			44,000
Finished goods			60,000			58,000

Additional information for the month of March follows:

Raw materials purchases $ 84,000
Indirect materials used 10,000
Direct labor 55,000
Manufacturing overhead applied 85,000
Selling, general, and administrative expenses 58,000
Sales revenue 450,000

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.

Reference no: EM131983560

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