Lederman Manufacturing Corporation sold 7,500 units of product for $47 each during 2016. During the year, 2,500 share Lederman Manufacturing Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, 2016 Direct material: Beginning materials inventory $12,500 Cost of materials purchased 62,500 Cost of material available 75,000 Less: Ending materials Inventory 7,500 Total materials used 67,500 Less: Indirect material used 6,000 Direct materials used $61,500 Direct labor 74,000 Manufacturing overhead Indirect material 6,000 Indirect labor 18,500 Factory supplies used 5,000 Factory depreciation 32,500 Factory repairs and maintenance 10,500 Total manufacturing overhead 72,500 Total manufacturing costs for the year 208,000 Add: Beginning work in process inventory 15,000 Total cost of work in process during the year 223,000 Less: Ending work in process inventory 20.500 Cost of goods manufactured 202,500 Add: Beginning finished goods inventory 25.500 Cost of goods available for sale 228.000 Less: Ending finished goods inventory 18.000 Total cost of work in process 20,500 Less: Ending work in process inventory Cost of goods manufactured 202,500 Add: Beginning finished goods inventory 25,500 Cost of goods available for sale 228,000 Less: Ending finished goods inventory 18,000 Cost of goods sold $210,000 Selling expenses (total) $31,000 Non-factory administrative expenses (total) 29,000 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 $ I Gross profit on sales Operating expenses $ $ Earnings per share of common stock $ Check