2. Prepare a schedule of cost of goods sold. Answer is not complete. ALEXANDRIA ALUMINUM COMPANY Schedule of Cost of Goods Sold $ 160,000 For the Year Ended December 31, 20x1 Finished-goods inventory, January 1 Add: Cost of goods manufactured Cost of goods available for sale Less: Finished-goods inventory, December 31 Cost of goods sold 165,000 600,000 $ Required 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 Raw material Work in process Finished goods January 1, 20x1 $ 60,000 120,000 160,000 December 31, 20xl $ 70,000 115,000 165,000 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 Indirect labor Depreciation on plant and equipment Utilities Other 11,000 26,000 100,000 23,000 30,000 Sales revenue was $1,110,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. Required: Required: 1. Prepare a schedule of cost of goods manufactured. Answer is complete but not entirely correct. ALEXANDRIA ALUMINUM COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20x1 Direct material: Raw-material inventory, January 1 $ 60,000 Add: Purchases of raw material 250,000 Raw material available for use $ 310,000 Less: Raw-material inventory, December 31 70,000 Raw material used Direct labor Manufacturing overhead: Indirect material $ 11,000 Depreciation on plant and equipment 100,000 Indirect labor 26,000 Utilities 23,000 Other 30,000 $ 285,000 X 400,000 Total manufacturing overhead Total manufacturing costs Add: Work-in-process inventory, January 1 Subtotal Less: Work-in-process inventory, December 31 Cost of goods manufactured 190,000 $ 875,000 120,000 $ 1,040,000 115,000 $ 814,000