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: Beginning InventoryEnding Inventory Raw materials Work in process Finished goods $28,200 22,300 79,500 $25,800 46,000 69,000 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: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue S 40,100 1,800 62,200 36,600 23,400 237,200 Required 1. Based on the above information, prepare a cost of goods manufactured report. STORSMART COMPANY Cost of Goods Manufactured Report For the Month of March Direct Materials Used in Production Total Current Manufacturing Costs Total Work in Process Cost of Goods Manufactured

Explanation / Answer

1.

Cost of goods manufactured

Beginning raw materials $29,800 Add: Raw materials purchases 41,100 Less: Ending raw materials (26,800) Raw materials used 44,100 Indirect materials used 1,600 Direct labor 63,800 Manufacturing overhead applied 36,800 Add: Beginning work in process 21,800 Less: Ending work in process (45,600) Cost of goods manufactured $122,500

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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