[Based on your income statement, logically interpret the business's performance against the provided benchmarks. Did the company do well as expected? Explain what happened.]

STATEMENT OF COST OF GOODS SOLD Statement of Cost of Goods Sold [Compare the actual cost of goods sold Beginning Work in Process Inventory 0 over the last month and evaluate the Direct Materials: 0 company's performance against the Materials: Beginning Add: Purchases for month of January 20,000 budgeted benchmarks. Are the numbers Materials available for use 20,000 close to what you expected? Interpret Deduct: Ending materials (4,000) the performance and explain what Materials Used $ 16,000 happened.] Direct Labor 8,493 Overhead 3,765 Total Costs S 28,258 Deduct: Ending Work in Process Inventory 0 Cost of Goods Sold $ 28,258.33C INCOME STATEMENT Income Statement Revenue: Bralettes S 12,880 T-Shirts 10,800 [Based on your income statement, Sweatshirts 14,000 logically interpret the business's Total Revenue: S 37,680 Cost of goods sold 28,528 performance against the provided Gross profit $ 9,422 benchmarks. Did the company do as Expenses: well as expected? Explain what General and administrative salaries S 2,450 Depreciation 165 happened.] Rent 750 Utilities and insurance 600 Scissors, thread, and tags 1,200.00 Loan 550 Total Expenses $ 5,715.00 Net Income/Loss $ 3,707.00