Question

Jasper Company provided the following information for last year: Costs Amount Sales in units 325,000 Selling...

Jasper Company provided the following information for last year:

Costs

Amount

Sales in units 325,000
Selling price $12
Direct materials $171,000
Direct labor $505,000
Manufacturing overhead $110,000
Selling expense $433,000
Administrative expense $869,000

Last year, beginning and ending inventories of work in process and finished goods equaled zero.

Required:
1. Calculate the sales revenue for last year.
2. Prepare an income statement for Jasper for last year.

Refer to the list below for the exact wording of a label or an amount description within your income statement.

Labels
Add
For the Last Year
For the Next Year
Less
Amount Descriptions
Administrative expense
Cost of goods manufactured
Cost of goods sold
Gross profit
Operating income
Operating loss
Sales revenue
Selling expense

Jasper Company

Income Statement

1

2

3

4

5

6

7

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