Please solve the below problem

QUESTION 3 Partilly correct Mark 1.8s out of 3.00 P Flag question Income Statement Lederman Manufacturing Corporation sold 42,000 units of product for $47 each during 2016. During the year, 14,000 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 Cost of materials purchased Cost of material available Less: Ending materials Inventory Total materials used Less: Indirect material used $70,000 350,000 420,000 42,000 378,000 33,600 344,400 Direct materials used 414,400 Direct labor Manufacturing overhead 33,600 103,600 28,000 182,000 58,800 Indirect material Indirect labor Factory supplies used Factory depreciation Factory repairs and maintenance 58,800 Factory repairs and maintenance 406,000 1,164,800 84,000 1,248,800 114,800 1,134,000 142,800 1,276,800 100,800 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 inventory Cost of goods sold Selling expenses (total) Non-factory administrative expenses (total) $1,176,000 $173,600 162,400 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 Sales 1,176.000 Cost of goods sold Lederman Maufacturing Corporation Income Statement For the Year Ended December 31.2016 Sales 1.176,000 Cost of goods sold Gross profit on sales Operating expenses: Selling expenses 0 X $ 173,600 Non-factory administrative expensesV 162.400 Net income Earnings per share of common stock Check