Chapter 2 Basic Managerial Accounting Concepts VE 3 Exercise 2-47 Cost of Goods Sold, Sales Revenue, Income Statement Refer to the information for Jasper Company on the previous page. Required: Calculate the cost of goods sold for last year. Use the following information for Exercises 2-47 through 2-49. Jasper Company provided the following information for last year: Sales in units 280,000 Selling price $ 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. BJECTIVE 3 Exercise 2-48 Income Statement Refer to the information for Jasper Company on the previous page. Required: 1. Calculate the sales revenue for last year. 2. Prepare an income statement for Jasper for last year