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 report :

2. Based on the above information, prepare an income statement for the month of March.

Beginning work in process 21800 Beginning raw material inventory 29800 Add: Raw material purchase 41100 Less: Ending raw material inventory (26800) Less: Indirect material used (1600) Direct material used 42500 Direct labour 63800 manufacturing overhead applied 36800 143100 164900 Less: Ending work in process (45600) Cost of goods manufactured 119300

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.