Jasper Company provided the following information for last year:

Costs Amount

Sales in units 340,000

Selling price $14

Direct materials $176,000

Direct labor $498,000

Manufacturing overhead $110,000

Selling expense $428,000

Administrative expense $863,000

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

Required:

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

1. Prepare an income statement for Jasper for last year. Calculate the percentage of sales for each line item on the income statement. Refer to the list of Labels and Amount Descriptions for the exact wording of text items within your income statement. Be sure to complete the statement heading. Round percentages to the nearest tenth of a percent.

Jasper Company

Income Statement

1		Sales & Expenses	Percent of Sales
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