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 $62,500 37,500 Work in process inventory, January 1 75,000 Work in process inventory, December 31 102,500 Finished goods inventory, January 1 127,500 Finished goods inventory, December 31 90,000 Net delivered cost of materials purchased 312,500 Direct labor 370,000 Indirect material 30,000 Indirect labor 92,500 Factory supplies used 25,000 Factory depreciation 162,500 Factory repairs and maintenance $2,500 Selling expenses (total) 155,000 Non-factory administrative expenses (total) 145,000 Prepare a schedule of cost of goods manufactured and sold for Lederman Manufacturing Corporation for the year ended Decem were no other manufacturing overhead items than those listed above. Do not use negative signs with any of your answers. BusinessCourse Return to course 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 materials used Direct materials used Direct labor Manufacturing overhead Indirect material Indirect labor Factory supplies used Factory depreciation 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 inventory Cost of goods sold $ 62,500 312,500 375,000 37,500 337,500 30,000 $ 370,000 x 370,000 30,000 92,500 25,000 162,500 52,500 362,500 x 75,000 x 102,500 x 127,500 x 90,000 0x