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, 20xl $ 60,000 120,000 150,000 December 31, 20x1 $ 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 $ 10,000 25,000 100,000 25,000 30,000 Sales revenue was $1,105,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. 3. Prepare an income statement. Answer is not complete. ALEXANDRIA ALUMINUM COMPANY Income Statement For the Year Ended December 31, 20x1 Sales revenue $ 1,105,000 Less: Cost of goods sold (820,000) Gross margin $ 285,000 Selling and administrative expenses (110,000) Income before taxes x 175,000 X $ 220,000 Income before taxes x 175,000 X OOOO