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