Alhambra Aluminum Company, a manufacturer of recyclabl s, had the following Exercise 2 Go inventory schedules of cosYof soda balances at the beginning and end of 20x1 Manufactured and sold. Income Statement December 31, 20x1 (LO 2-1, 2-3, 2-6) Inventory Classification January 1, 20x1 Raw material 55,000 75,000 Work in process 110,000 125.000 Finished goods 160,000.... 155,000 During 20x1. the company purchased $240,000 of raw material and spent s420,000 for direct labor. Manufacturing overhead costs were as follows: Indirect material 12,000 Indirect labor 22,000 110,000 Depreciation on plant and equipment 23,000 35,000 other Sales revenue was $1,210,000 for the year. Selling and administrative expenses for the year amounted to $105,000. The firm's tax rate is 35 percent. Required 1. Prepare a schedule of cost of goods manufactured 2. Prepare a schedule of cost of goods sold. 3. Prepare an income statement. 4. Build a Construct an Excel spreadsheet to solve all of the preceding requirements. Show how both cost schedules and the income statement will change if the following data change: direct labor is $410,000 and utilities cost $24,000. Exercise 2-29