StorSmart Company makes plastic organizing bins. The company has the following i

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:

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

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 Ending Inventory Raw materials $ 29,800 $ 26,800 Work in process 21,800 45,600 Finished goods 79,100 69,300

Explanation / Answer

1.

Cost of goods manufactured

2.

Income Statement Sales Revenue $237,600 Less: Cost of goods sold:- Cost of goods manufactured $122,500 Add: Beginning Finished goods 79,100 Less: Ending Finished goods (69,300) Cost of goods sold (132,300) Gross Profit 105,300 Less: Selling, general and administrative expenses (24,700) Net Profit $80,600

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