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 $ 55,000 120,000 140,000 December 31, 20x1 $ 70,000 115,000 165,000 During 20x1, the company purchased $240,000 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 10,000 24,000 100,000 24,000 30,000 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. 1. Prepare a schedule of cost of goods manufactured. ALEXANDRIA ALUMINUM COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20x1 Direct material: Manufacturing overhead: Total manufacturing overhead Total manufacturing costs $ Subtotal Cost of goods manufactured 2. Prepare a schedule of cost of goods sold. ALEXANDRIA ALUMINUM COMPANY Schedule of Cost of Goods Sold For the Year Ended December 31, 20x1