Alhambra Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification January 1, 20x1 December 31, 20x1 Raw material $ 55,000 $ 70,000 Work in process 120,000 115,000 Finished goods 160,000 165,000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 for direct labor. Manufacturing overhead costs were as follows: Indirect material $ 9,000 Indirect labor 26,000 Depreciation on plant and equipment 100,000 Utilities 24,000 Other 30,000 Sales revenue was $1,114,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent.

Prepare a schedule of cost goods manufactured.

Prepare a schedule of cost of goods sold.

Prepare an income statement.