Income Statement Lederman Manufacturing Corporation sold 39,000 units of product for $44 each during 2016. During the year, 13,000 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 $65,000 Cost of materials purchased 325,000 Cost of material available 390,000 Less: Ending materials Inventory 39,000 Total materials used 351,000 Less: Indirect material used 31,200 Direct materials used $319,800 Direct labor 384,800 31,200 96,200 26,000 169,000 54,600 Manufacturing overhead 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 inventory Total cost of work in process during the year Less: Ending work in process inventory Cost of goods manufactured 377,000 1,081,600 78,000 1,159,600 106,600 1,053,000 Add: Beginning finished goods inventory 132,600 Cost of goods available for sale 1,185,600 Less: Ending finished goods inventory 93,600 Cost of goods sold $1,092,000 Selling expenses (total) $161,200 Non-factory administrative expenses (total) 150,800 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 $ Gross profit on sales Operating expenses: a $ Earnings per share of common stock $ Check