Alexandria Aluminum Company. a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classifitzotion January 1. 20x1 Member 31. 2011 Raw material 5 50.01313 5 701000 Work in process 120,000 115,000 Finished goods 150.000 165,000 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 3 1 U , 000 Indirect labor 25 , 000 Depreciation on plant: and equipment 100,000 Utilities 25,000 other 3 0 , 000 Sales revenue was $1,105,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The rm's tax rate is 40 percent. 3. Prepare an income statement. @ Answer Is not complete. Sales revenue 0 0 1.105000 9 Less: Cost ofgoods aid 0 (020,000) 9 Gross margin 0 $- 235,000 9 Selling and administrative expenses 9 (110,000) 9 Income before taxes 6 175,000 6 5: 220,000 Income before taxes 6 1?5,000 a l