Lederman Manufacturing Corporation sold 15,000 units of product for $40 each during 2016. During the year, 5,000 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 $25,000 Cost of materials purchased 125,000 Cost of material available 150,000 Less: Ending materials Inventory 15,000 Total materials used 135,000 Less: Indirect material used 12,000 Direct materials used $123,000 Direct labor 148,000 Manufacturing overhead Indirect material 12,000 Indirect labor 37,000 Factory supplies used 10,000 Factory depreciation 65,000 Factory repairs and maintenance 21,000 Total manufacturing overhead 145,000 Total manufacturing costs for the year 416,000 Add: Beginning work in process inventory 30,000 Total cost of work in process during the year 446,000 Less: Ending work in process inventory 41,000 Cost of goods manufactured 405,000 Add: Beginning finished goods inventory 51,000 Cost of goods available for sale 456,000 Less: Ending finished goods inventory 36,000 Cost of goods sold $420,000 Selling expenses (total) $62,000 Non-factory administrative expenses (total) 58,000 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 Answer Answer Answer Answer Gross profit on sales Answer Operating expenses: Answer Answer Answer Answer Answer Answer Answer Earnings per share of common stock Answer

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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Lederman Manufacturing Corporation sold 15,000 units of product for $40 each during 2016. During the year, 5,000 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	$25,000
Cost of materials purchased	125,000
Cost of material available	150,000
Less: Ending materials Inventory		15,000
Total materials used	135,000
Less: Indirect material used		12,000
Direct materials used		$123,000
Direct labor		148,000
Manufacturing overhead
Indirect material	12,000
Indirect labor	37,000
Factory supplies used	10,000
Factory depreciation	65,000
Factory repairs and maintenance	21,000
Total manufacturing overhead		145,000
Total manufacturing costs for the year		416,000
Add: Beginning work in process inventory			30,000
Total cost of work in process during the year		446,000
Less: Ending work in process inventory			41,000
Cost of goods manufactured		405,000
Add: Beginning finished goods inventory			51,000
Cost of goods available for sale		456,000
Less: Ending finished goods inventory			36,000
Cost of goods sold		$420,000
Selling expenses (total)		$62,000
Non-factory administrative expenses (total)		58,000

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
Answer	Answer
Answer	Answer
Gross profit on sales	Answer
Operating expenses:
Answer	Answer
Answer	Answer	Answer
Answer	Answer
Earnings per share of common stock	Answer