Income Statement

Lederman Manufacturing Corporation sold 45,000 units of product for $48 each during 2016. During the year, 15,000 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		$75,000
Cost of materials purchased		375,000
Cost of material available		450,000
Less: Ending materials Inventory		45,000
Total materials used		405,000
Less: Indirect material used		36,000
Direct materials used			$369,000
Direct labor			444,000
Manufacturing overhead
Indirect material		36,000
Indirect labor		111,000
Factory supplies used		30,000
Factory depreciation		195,000
Factory repairs and maintenance		63,000
Total manufacturing overhead			435,000
Total manufacturing costs for the year			1,248,000
Add: Beginning work in process inventory			90,000
Total cost of work in process during the year			1,338,000
Less: Ending work in process inventory			123,000
Cost of goods manufactured			1,215,000
Add: Beginning finished goods inventory			153,000
Cost of goods available for sale			1,368,000
Less: Ending finished goods inventory			108,000
Cost of goods sold			$1,260,000
Selling expenses (total)			$186,000
Non-factory administrative expenses (total)			174,000

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
sales		Answer
Cost of goods sold		1,260,000
Gross profit on sales		Answer
Operating expenses:
Selling expenses	Answer
Non-factory administrative expenses	174,000	Answer
Net income		Answer
Earnings per share of common stock		Answer