Homework SourseC eztomheducationcomhmtpx StorSmart Company makes plastic or
C ezto.mheducation.com/hm.tpx 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 21,200 78.100 $26.500 45.300 69000 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 appled Selling. general, and administrative expenses S 40.200 1.200 62,700 35,100 23,400 236.400 Sales revenue 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 Cument Manufacturing Costs Total Work in Process 
Solution
STORSMART COMPANY Cost of goods manufactured Report For the month of March Begining Raw Materials , March 1 29,400 Add: Raw Material Purchases 40,200 Total Raw Materials Available 69,600 Less: Ending Raw Materials , March 31 -26,500 Direct materials used in production 43,100 Direct Labour 62,700 Indirect Materials used 1,200 Manufacturing overhead 35,100 Total Current Manfucature costs 142,100 Add : Begining Work In process, March 1 21,200 Total Work in process 163,300 Less :Ending Work In process, March 31 -45,300 Cost of Goods Manufactured 118,000 STORSMART COMPANY Income Statement For the Month of March Sales 236,400 Cost Goods Manufactured 118,000 Add : Begining Finshed Goods, March 1 78,100 Finished Goods Available for Sale 196,100 Less: Finshed Goods, March 31 -69,000 Cost of Goods Sold 127,100 Gross Income 109,300 Selling, General and Administrative Expenses -23,400 Income from Continuing operations 85,900 Less: Loss from Discontinued operations - Net income (loss) from Operations 85,900