Income Statement Instructions Labels and Amount Descriptions Income Statement Instructions Jasper Company provided the following information for last year Costs Sales in units Selling price Amount 310,000 $15 Direct materials $170,000 Direct labor $499,000 Manufacturing overhead $110,000 Selling expense $423,000 Administrative expense $863,000 Conceptual Connection Income Statement 1 2 Sales revenue Jasper Company Income Statement For the Last Year Sales & Expenses Percent of Sales I 3 Cost of goods sold Gross profit 5 Less: 6 Selling expense 7 Administrative expense Last year, beginning and ending inventories of work in process and finished goods equaled zero Required: 8 Operating income 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