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Income Statement Lederman Manufacturing Corporation sold 30,000 units of product for $49 each dur year, 10,000 shares of common stock were outstanding. Prepare an income stateme (ignore income taxes). Lederman Manufacturing Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory Cost of materials purchased Cost of material available Less: Ending materials Inventory Total materials used Less: Indirect material used Direct materials used $50,000 250,000 300,000 30,000 270,000 24,000 246,000 Direct labor 296,000 Manufacturing overhead Indirect material 24,000 74,000 20,000 130,000 42,000 Indirect labor Factory supplies used Factory depreciation Factory repairs and maintenance Total manufacturing overhead Total manufacturing costs for the year Add: Beginning work in process inventory Total cost of work in process during the year Less: Ending work in process inventory Cost of goods manufactured Add: Beginning finished goods inventory Cost of goods available for sale 290,000 832,000 60,000 892,000 82,000 810,000 102,000 912,000
5246,000 Direct materials used Direct labor Manufacturing overhead 296,000 24,000 74,000 20,000 130,000 42,000 Indirect material Indirect labor Factory supplies used Factory depreciation Factory repairs and maintenance Total manufacturing overhead Total manufacturing costs for the year Add: Beginning work in process inventorny Total cost of work in process during the year Less: Ending work in process inventory Cost of goods manufactured Add: Beginning finished goods inventory Cost of goods available for sale Less: Ending finished goods inventory Cost of goods sold Selling expenses (total) 290,000 832,000 60,000 892,000 82,000 810,000 102,000 912,000 72,000 $840,000 124,000 116,000 Non-factory administrative expenses (tocal Prepare an income statement for the year (ignore income taxes). 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
Prepare an income statement for the year (ignore income taxes) 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 Check Save Answers Previous page
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