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FY16 ...

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Accounting

FY16
Factory Rent $330,000
Direct Materials Inventory, Beginning 96,000
Direct Materials Inventory, Ending 87,000
Direct Materials Purchases 654,000
Direct Labor-Wages 425,000
Indirect Labor-Wages 28,000
Finished Goods Inventory, Beginning 25,000
Finished Goods Inventory, Ending 44,000
Indirect Materials 66,000
Plant Utilities 40,000
General and Administrative 101,350
Work-in-Process Inventory, Beginning 27,000
Work-in-Process Inventory, Ending 33,000
Marketing Expenses 225,000
Sales Revenue 2,550,000
A. Prepare a statement of cost of goods manufactured and an income statement for the year ended December 31, 2016.
B. For FY2016, calculate gross margin %. What is Jamison Tools largest expense as a % of revenue?
C. Interpret the results of the financial statements

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