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Income Statement Lederman Manufacturing Corporation sold 22,500 units of product for $45 each during 2016. During the year, 7,500 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 $37,500 Cost of materials purchased 187,500 Cost of material available 225,000 Less: Ending materials Inventory 22,500 Total materials used 202,500 Less: Indirect material used 18,000 Direct materials used $184,500 Direct labor 222.000 Manufacturing overhead Indirect material 18,000 Indirect labor 55,500 Factory supplies used 15,000 Factory depreciation 97,500 Factory repairs and maintenance 31,500 Total manufacturing overhead 217,500 Total manufacturing costs for the year 624,000 Add: Beginning work in process inventory 45,000 Total cost of work in process during the year 669,000 Less: Ending work in process inventory 61,500 Cost of goods manufactured 607,500 Add: Beginning finished goods inventory 76,500 Cost of goods available for sale 684,000 Less: Ending finished goods inventory 54,000 Cost of goods sold $630,000 Selling expenses (total) $93,000 Non-factory administrative expenses (total) 87,000

Income Statement Lederman Manufacturing Corporation sold 22,500 units of product for $45 each during 2016. During the year, 7,500 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 $37,500 Cost of materials purchased 187,500 Cost of material available 225,000 Less: Ending materials Inventory 22,500 Total materials used 202,500 Less: Indirect material used 18,000 Direct materials used $184,500 Direct labor 222.000 Manufacturing overhead Indirect material 18,000 Indirect labor 55,500 Factory supplies used 15,000 Factory depreciation 97,500 Factory repairs and maintenance 31,500 Total manufacturing overhead 217,500 Total manufacturing costs for the year 624,000 Add: Beginning work in process inventory 45,000 Total cost of work in process during the year 669,000 Less: Ending work in process inventory 61,500 Cost of goods manufactured 607,500 Add: Beginning finished goods inventory 76,500 Cost of goods available for sale 684,000 Less: Ending finished goods inventory 54,000 Cost of goods sold $630,000 Selling expenses (total) $93,000 Non-factory administrative expenses (total) 87,000

FINANCIAL ACCOUNTING
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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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 Sales $ 0 x Cost of goods sold Gross profit on sales Operating expenses: Selling expenses Non-factory administrative expenses 0 x Net income Earnings per share of common stock $
Transcribed Image Text: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 Sales $ 0 x Cost of goods sold Gross profit on sales Operating expenses: Selling expenses Non-factory administrative expenses 0 x Net income Earnings per share of common stock $
Income Statement Lederman Manufacturing Corporation sold 22,500 units of product for $45 each during 2016. During the year, 7,500 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 $37,500 Cost of materials purchased 187,500 Cost of material available 225,000 Less: Ending materials Inventory 22,500 Total materials used 202,500 Less: Indirect material used 18,000 Direct materials used $184,500 Direct labor 222,000 Manufacturing overhead Indirect material 18,000 Indirect labor 55,500 Factory supplies used 15,000 Factory depreciation 97,500 Factory repairs and maintenance 31,500 Total manufacturing overhead 217,500 Total manufacturing costs for the year 624,000 Add: Beginning work in process inventory 45,000 Total cost of work in process during the year 669,000 Less: Ending work in process inventory 61,500 Cost of goods manufactured 607,500 Add: Beginning finished goods inventory 76,500 Cost of goods available for sale 684,000 Less: Ending finished goods inventory 54,000 Cost of goods sold $630,000 Selling expenses (total) $93,000 Non-factory administrative expenses (total) 87,000
Transcribed Image Text:Income Statement Lederman Manufacturing Corporation sold 22,500 units of product for $45 each during 2016. During the year, 7,500 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 $37,500 Cost of materials purchased 187,500 Cost of material available 225,000 Less: Ending materials Inventory 22,500 Total materials used 202,500 Less: Indirect material used 18,000 Direct materials used $184,500 Direct labor 222,000 Manufacturing overhead Indirect material 18,000 Indirect labor 55,500 Factory supplies used 15,000 Factory depreciation 97,500 Factory repairs and maintenance 31,500 Total manufacturing overhead 217,500 Total manufacturing costs for the year 624,000 Add: Beginning work in process inventory 45,000 Total cost of work in process during the year 669,000 Less: Ending work in process inventory 61,500 Cost of goods manufactured 607,500 Add: Beginning finished goods inventory 76,500 Cost of goods available for sale 684,000 Less: Ending finished goods inventory 54,000 Cost of goods sold $630,000 Selling expenses (total) $93,000 Non-factory administrative expenses (total) 87,000
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