Income Statement Lederman Manufacturing Corporation sold 21,000 units of product for $42 each during 2016. During the year, 7,000 shares of common stock were outstanding. Lederman Manufacturing Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory $35,000 Cost of materials purchased 175,000 Cost of material available 210,000 Less: Ending materials Inventory 21,000 Total materials used 189,000 Less: Indirect material used 16,800 Direct materials used $172,200 Direct labor 207,200 Manufacturing overhead Indirect material 16,800 Indirect labor 51,800 Factory supplies used 14,000 Factory depreciation 91,000 Factory repairs and maintenance 29,400 Total manufacturing overhead 203,000 Total manufacturing costs for the year 582,400 Add: Beginning work in process inventory 42,000 Total cost of work in process during the year 624,400 Less: Ending work in process inventory 57,400 Cost of goods manufactured 567,000 Add: Beginning finished goods inventory 71,400 Cost of goods available for sale 638,400 Less: Ending finished goods inventory 50,400 Cost of goods sold $588,000 Selling expenses (total) $86,800 Non-factory administrative expenses (total) 81,200 Prepare an income statement for the year (ignore income taxes). Calculate earnings per share. Do not use negative signs with answers. Round earnings per share to two decimal places. Lederman Maufacturing Corporation Income Statement For the Year Ended December 31,2016 Gross profit on sales Operating expenses: Earnings per share of common stock

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Income Statement

Lederman Manufacturing Corporation sold 21,000 units of product for $42 each during 2016. During the year, 7,000 shares of common stock were outstanding.

Lederman Manufacturing Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016
Direct material:
Beginning materials inventory	$35,000
Cost of materials purchased	175,000
Cost of material available	210,000
Less: Ending materials Inventory		21,000
Total materials used	189,000
Less: Indirect material used		16,800
Direct materials used		$172,200
Direct labor		207,200
Manufacturing overhead
Indirect material	16,800
Indirect labor	51,800
Factory supplies used	14,000
Factory depreciation	91,000
Factory repairs and maintenance	29,400
Total manufacturing overhead		203,000
Total manufacturing costs for the year		582,400
Add: Beginning work in process inventory			42,000
Total cost of work in process during the year		624,400
Less: Ending work in process inventory			57,400
Cost of goods manufactured		567,000
Add: Beginning finished goods inventory			71,400
Cost of goods available for sale		638,400
Less: Ending finished goods inventory			50,400
Cost of goods sold		$588,000
Selling expenses (total)		$86,800
Non-factory administrative expenses (total)		81,200