Income Statement Lederman Manufacturing Corporation sold 30,000 units of product for $49 each during 2016. During the year, 10,000 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 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 Indirect labor Factory supplies used 24,000 74,000 20,000 Factory depreciation 30,000 Factory repairs and maintenance 42,000 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 Less: Ending finished goods inventory Cost of goods sold Selling expenses (total) Non-factory administrative 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 Lederman Maufacturing Corporation ncome Statement For the Year Ended December 31,2016 Sales 147,000,0 X 84,000,00 X Cost of goods sold Gross profit on sales Operating expenses: ,300,000X Selling expenses V 12,400,00 X Non-factory administrative expenses 1,160,000X 24,000,00 X Net income $39,000,00 X 3,900 x Earnings per share of common stock