Question

Lederman Manufacturing Corporation sold 33,000 units of product for $51 each during 2016. During the year, 11,000 shares of common stock were outstanding, ederman Manufacturin Corporation Schedule of Cost of Goods Manufactured and sold For the Year Ended December 31, 2016 Direct materiet Beginning materials inventory $55.000 Cost of materials purchased 275.000 Cost of material available 330.000 Less: Ending materials inventory 33.000 Total materials used 297,000 Less: Indirect material used 26,400 Direct materials used $270.600 Direct labor 325.600 Manufacturing overhead Indirect material 26.400 Indirect labor 81,400 Factory supplies used 22.000 Factory depreciation 14.000 Factory repairs and maintenance 46200 Total manufacturing overhead 319,000 Total manufacturing costs for the year 915,200 Add: Beginning work in process inventory 66,000 Total cost of work in process during the year 981200 Less: Ending work in process inventory 90.200 Cost of goods manufactured 891,000 Add: Beginning finished goods inventory 112,200

Answer 1

Answer Lederman Manufacturing Corporation Income Statement For the Year Ended December 31, 2016 Sales (33,000 units x $51 per unit) Cost of Goods Sold Gross profit on sales Operating expenses: Selling expenses Non-factory administrative expenses Net Income Earning per share of common stock ($495,000 / 11,000 shares) $1,683,000 ($924,000) $759,000 $136,400 $127,600 ($264,000) $495,000 $45.00