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Income Statement Lederman Manufacturing Corporation sold 48,000 units of product for $51 each during 2016. During the year, 16,000 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 Direct materials used $80,000 400,000 480,000 48,000 432,000 38,400 $393,600 Direct labor 473,600 Manuracturing overnead Indirect material 38,400 118,400 32,000 208,000 67,200 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 464,000 1,331,200 96,000 1,427,200 131,200 1,296,000 163,200 1,459,200 115.200 $1,344,000 Cost of goods sold Selling expenses (total) $198,400 Non-factory administrative expenses (total) 185,600 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 Gross profit on sales Operating expenses: Lederman Maufacturing Corporation Income Statement For the Year Ended December 31,2016 0 Gross profit on sales Operating expenses: Earnings per share of common stock Please answer all parts of the

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