FY16 ...

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	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*