Question

StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March:


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:
Based on this information, prepare the following for StorSmart:
1. A cost of goods manufactured report.
2. An income statement for the month ofMarch.


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  • CreatedFebruary 27, 2015
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