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 |
|
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✔ |
✔ |
|
2 |
✔ |
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7 |
Homework Answers
Answer #1
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