Exactly what nose cone are you using? If I judge correctly, the Flying Colors uses the same (or approximately the same) nose cone that the ESAM uses (among many others). It's nearly 8" long, and weighs, according to K'Tesh's ESAM ORK file, almost 37g all by itself.
So your total of 47 grams suggests that you're probably using a much lighter nose cone. What does yours weigh?
Also, there is no reason you can't make an OR file of your own rocket, and just see if it all makes sense. The Flying Colors, like most of Estes RTF models, uses an assortment of construction techniques in the fin can/motor mount that are very different from what you would do on your own. So you wouldn't necessarily expect your scratch build to match the weight of the kit.
Does your rocket have shock cord and parachute installed yet? Those add some weight, particularly the shock cord.
In addition to the fins, the whole fin can is plastic (as mentioned by caveduck above). That's still more weight.
So, my conclusion is that there's mostly likely nothing strange here. RTF construction is heavier than what you would normally do on your own, plus that nose cone is a big contributor.