1. Prepare a schedule of cost of goods manufactured. 2. Prepare a schedule of cost of goods sold. 3. Prepare an income statement.

Req uired information [The following information applies to the questions displayed below] Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification January 1, 20x1 December 31, 20x1 Raw material $ 60,000 $ 70,000 Work in process 120,000 115,000 Finished goods 140,000 165,000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material $ 9 , 000 Indirect labor 25 , 000 Depreciation on plant and equipment 100, 000 Utilities 24,000 other 3 0 , 0 00 Sales revenue was $1,111,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. equired: . Prepare a schedule of cost of goods manufactured