Question 4 Answer saved Marked out of 1.00 p Flag question Schedule of Cost of Goods Manufactured and Sold At December 31,2016, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2016 Materials inventory, January 1 Materials inventory, December 31 $100,000 60,000 Work in process inventory, January 1 Work in process inventory, December 31 120,000 164,000 Finished goods inventory, January 1 204,000 Finished goods inventory, December 31 144,000 Net delivered cost of materials purchased 500,000 Direct labor Indirect material 592.000 48,000 Indirect labor Factory supplies used Factory depreciation 148,000 40,000 260,000 Factory repairs and maintenance Selling expenses (total) 84,000 248,000 Non-factory administrative expenses (total) 232,000 Prepare a schedule of cost of goods manufactured and sold for Lederman Manufacturing Corporation for the year ended December 31,2016, assuming that there were no other manufacturing overhead items than those listed above. Do not use negative signs with any of your answers. Lederman Manufacturing Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory $ 50,000 Cost of materials purchased Cost of material available 250,000 300,000 Less: Ending materials inventory 30,000 Total materials used 270,000 Less: Indirect materials used = 24,000 Direct materials used S 246,000 296,000 Direct labor Manufacturing overhead Indirect material Indirect labor Factory supplies used Factory depreciation 24,000 74,000 20,000 130,000 Factory repairs and maintenance 42,000 Total manufacturing overhead 290,000 Total manufacturing costs for the year 832,000 Add: Beginning work in process inventory 60,000 Total cost of work in process during the year 892,000 Less: Ending work in process inventory 82,000 Cost of goods manufactured 810,000 Add: Beginning finished goods inventory Cost of goods available for sale Less: Ending finished goods inventory 102,000 912,000 Cost of goods sold 72,000 S 840,000