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Lederman Manufacturing Corporation (see image) sold 14,000 units of product for $45 each during 2019. During...

Lederman Manufacturing Corporation (see image) sold 14,000 units of product for $45 each during 2019. During the year, 5,000 shares of common stock were outstanding. Prepare an income starement for the year (ignore income taxes). Calculate earnings per share.

Materials inventory, January 1 Materials inventory. December 31 Work-in-process inventory, January 1 Work-in-process inventor
Materials inventory, January 1 Materials inventory. December 31 Work-in-process inventory, January 1 Work-in-process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Net delivered cost of materials purchased. Direct labor. Indirect materials Indirect labor. Factory supplies used. Factory depreciation... Factory repairs and maintenance Selling expenses (total) Non-factory administrative expenses (total) $ 25,000 15,000 30,000 41,000 51,000 36,000 150,000 148,000 12,000 37,000 10,000 65,000 21,000 62,000 58,000 fanturine Cornoration
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ReportAnswer #1

Forn income statement, we need to pepare the cost of goods manufactured statement first:

Statement of cost of goods manufactured:

Description Amount Amount
Materials:
Beginning inventory $25000
Add: Materials purchased $150000
Total materials available $175000
Less: Ending inventrory ($15000)
Cost of materials used $160000
Direct labor $148000
Indirect materials $12000
Indirect labor $37000
Factorty supplies used $10000
Factory depreciation $65000
Factory repairs and maintenance $21000
Total manufacturing cost $453000
Add: Beginning work in process $30000
Less: Ending work in process ($41000)
Cost of goods manufactured $442000

Next we will find the cost of good sold as per below:

Cost of goods sold = Cost of goods manufactured + Beginning finished goods inventory - Ending finished goods inventory

Cost of goods sold = $442000 + $51000 - $36000

Cost of goods sold = $457000

Now, we will prepare the income statement as per below:

Income statement for the year ending December 31, 2019:

Description Amount
Revenues:
Sales (14000 * $45) $630000
Total revenues $63000
Expenses:
Cost of goods sold $457000
Administrative expenses $58000
Selling expenses $62000
Total expenses ($577000)
Net income $53000
Total number of shares outstanding 5000
Earnings per share (Net income / Total no. of shares outstanding) $10.6
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