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 Inventory Ending Inventory Raw materials Work in process Finished goods $29,400 22.100 78,500 $25,200 45,500 69,800 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 $ 42,000 1,900 63,100 36,000 24,200 236,300

Explanation / Answer

Cost of Goods Manufactured Report Beginning Raw Materials Inventory 29400 Plus: Raw Material Purchases 42000 Less: Indirect Material Used 1900 Less: Ending Raw Materials Inventory 25200 Direct Materials Used in Production 44300 Direct Labor 63100 Manufacturing Overhead 36000 Total Current Manufacturing Costs 143400 Plus: Beginning Work in Process Inventory 22100 Total Work in Process 165500 Less: Ending Work in Process Inventory 45500 Cost of Goods Manufactured 120000 2 Income Statement Sales Revenue 236300 Less: Cost of Goods Sold Beginning Finished Goods Inventory 78500 Cost of Goods Manufactured 120000 Cost of Goods Available for Sale 198500 Ending Finished Goods Inventory 69800 Cost of Goods Sold 128700 Gross Profit 107600 Selling, General, and Administrative Expenses 24200 Net Income from Operations 83400

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