CoursHeroTranscribedText: Question 2 Alexandria Aluminum Company, a manufacturer of recyclable soda Cans, had the following inventory balances at the beginning and end of 2005. Inventory classification January December31,2005 1,2005 Raw material 15 60,000 70,000 Work in process 120,000 115,000 Finished goods 150,000 165,000 During 2005, the company purchased :5 250,0000f raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follow: Indirect material $ 10,000 Indirect labor 25,000 Depreciation on plant and equipment 100,000 Utilities 25, 000 Other 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%. Required: 1- Prepare a schedule of cost goods manufactured. 2- Prepare a schedule of cost of goods sold. 3 Prepare an income statement