art 3 of 3 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 January 1, 20x1 $ 65,000 December 31, 20x1 $ 70,000 120,000 115,000 160,000 165,000 mts eBook Finished goods 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 ferences Indirect labor Depreciation on plant and equipment Utilities Other $ 11,000 26,000 100,000 23,000 30,000 Sales revenue was $1,113,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. EX 2-29 (Algo) Part 3: Prepare an income statement. 3. Prepare an income statement. ALEXANDRIA ALUMINUM COMPANY Income Statement For the Year Ended December 31, 20x1 $ 0 0