1. Prepare a schedule of cost of goods sold

2. Prepare an income statement

Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 201. During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Sales revenue was $1,114,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent