Lederman Manufacturing Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 2019 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 of ounting ial ncepts $246,000 unting rder Direct labor 296,000 Manufacturing overhead Indirect material Indirect labor Factory supplies used Factory depreciation Factory repairs and maintenance Total manufacturing overhead 24,000 74,000 20,000 30,000 42,000 ounting ess Costing Based 290,000 832,000 60,000 892,000 82,000 810,000 102,000 plume-Profit 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 le Costing: A ision Making ant Costs and Decision Manufacturing overhead l S2019 Indirect material 24,000 74,000 20,000 130,000 42,000 Indirect labor Factory supplies used Factory depreciation of ccounting w 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 Add: Beginning finished goods inventory Cost of goods available for sale Less: Ending finished goods inventony Cost of goods sold 290,000 832,000 60,000 892,000 82,000 810,000 102,000 912,000 72.000 $840,000 rial oncepts NS ounting Order ounting ess Costing Based Selling expenses (total) Non-factory administrative expenses (total) ume-Profit $124,000 116,000 Costing: A on Making 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 19 Lederman Maufacturing Corporation Income Statement For the Year Ended December 31,2016 Sales nting 840,000 Cost of goods sold Gross profit on sales Operating expenses: Selling expenses epts ting er Non-factory administrative expenses" ting Costing Earnings per share of common stock ed Check Lederman Manufacturing Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 2019 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 of ounting ial ncepts $246,000 unting rder Direct labor 296,000 Manufacturing overhead Indirect material Indirect labor Factory supplies used Factory depreciation Factory repairs and maintenance Total manufacturing overhead 24,000 74,000 20,000 30,000 42,000 ounting ess Costing Based 290,000 832,000 60,000 892,000 82,000 810,000 102,000 plume-Profit 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 le Costing: A ision Making ant Costs and Decision Manufacturing overhead l S2019 Indirect material 24,000 74,000 20,000 130,000 42,000 Indirect labor Factory supplies used Factory depreciation of ccounting w 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 Add: Beginning finished goods inventory Cost of goods available for sale Less: Ending finished goods inventony Cost of goods sold 290,000 832,000 60,000 892,000 82,000 810,000 102,000 912,000 72.000 $840,000 rial oncepts NS ounting Order ounting ess Costing Based Selling expenses (total) Non-factory administrative expenses (total) ume-Profit $124,000 116,000 Costing: A on Making 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 19 Lederman Maufacturing Corporation Income Statement For the Year Ended December 31,2016 Sales nting 840,000 Cost of goods sold Gross profit on sales Operating expenses: Selling expenses epts ting er Non-factory administrative expenses" ting Costing Earnings per share of common stock ed Check
