Income Statement Lederman Manufacturing Corporation sold 37,500 units of product for $42 each during

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Income Statement

Lederman Manufacturing Corporation sold 37,500 units of product for $42 each during 2016. During the year, 12,500 shares of common stock were outstanding. Prepare an income statement for the year (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 $62,500 Cost of materials purchased 312,500 Cost of material available 375,000 Less: Ending materials Inventory 37,500 Total materials used 337,500 Less: Indirect material used 30,000 Direct materials used $307,500 Direct labor 370,000 Manufacturing overhead Indirect material 30,000 Indirect labor 92,500 Factory supplies used 25,000 Factory depreciation 162,500 Factory repairs and maintenance 52,500 Total manufacturing overhead 362,500 Total manufacturing costs for the year 1,040,000 Add: Beginning work in process inventory 75,000 Total cost of work in process during the year 1,115,000 Less: Ending work in process inventory 102,500 Cost of goods manufactured 1,012,500 Add: Beginning finished goods inventory 127,500 Cost of goods available for sale 1,140,000 Less: Ending finished goods inventory 90,000 Cost of goods sold $1,050,000 Selling expenses (total) $155,000 Non-factory administrative expenses (total) 145,000

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 AnswerCost of goods soldNet incomeNon-factory administrative expensesSalesSelling expenses Answer AnswerCost of goods soldNet incomeNon-factory administrative expensesSalesSelling expenses Answer Gross profit on sales Answer Operating expenses: AnswerCost of goods soldNet incomeSalesSelling expenses Answer AnswerCost of goods soldNet incomeNon-factory administrative expensesSales Answer Answer AnswerCost of goods soldNet incomeNon-factory administrative expensesSalesSelling expenses Answer Earnings per share of common stock Answer