Question

Check my work 6 Stor Smart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: 0.5 points Raw materials Work in process Finished goods Beginning Inventory $29,100 21,600 78,800 Ending Inventory $25,900 45,700 68,600 eBook Print Additional information for the month of March follows: References Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 40,400 1,000 63,900 36,800 24,300 237,500 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Mc Graw Hill , Education < Prev 6 of 10 Next >

Answer 1

Cost of goods manufactured Direct materials Beg raw material Raw material purchases End raw material Direct Labor Manufacturing overhead Manufacturing overhead applies Indirect materials $ 29,100 $ 40,400 $ (25,900) $ $ 43,600 63,900 $ 36,800 $ 1,000 $ 37,800 Total manufacturing cost Beg WIP inventory Total Work in process End WIP inventory $ 145,300 $ 21,600 $ 166,900 $ (45,700) Cost of goods manufactured $ 121,200 Income statement $ 237,500 Sales revenue Cost of goods sold Beg Finished inventory Cost of goods manufactured End finished inventory Gross profit $ 78,800 $ 121,200 $ (68,600) $ 131,400 $ 106,100 Operating expense Selling & admin exp $ 24,300 Net income $ 81,800