# 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 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

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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