Instructions Jasper Company provided the following information for last year Costs Amount Sales in units Selling price 280,000 $12 Direct materials $180,000 Direct labor $505,000 Manufacturing overhead $110,000 Selling expense $437,000 Administrative expense $854,000 Last year, beginning and ending inventories of work in process and finished goods equaled zero. Required: 1. Prepare an income statement for Jasper for last year. Calculate the percentage of sales for each line item on the income statement. Round percentages to the nearest tenth of a percent 2. CONCEPTUAL CONNECTION: Briefly explain how a manager could use the income statement created for Requirement 1 to better control costs