EX $2-29($Algo$)$ Schedules of Cost of Goods Manufactured and Sold; Income Statement $($LO $2-1,2-3,2-6)$

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Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of $20$x$1.$

Inventory Classification January $1,20$x$1$ December $31,20$x$1$

Raw material $ $50,000$ $ $70,000$

Work in process $120,000115,000$

Finished goods $150,000165,000$

During $20$x$1,$ the company purchased $$250,000$ of raw material and spent $$400,000$ on direct labor. Manufacturing overhead costs were as follows:

Indirect material $ $12,000$

Indirect labor $24,000$

Depreciation on plant and equipment $100,000$

Utilities $27,000$

Other $30,000$

Sales revenue was $$1,106,000$ for the year. Selling and administrative expenses for the year amounted to $$110,000.$ The firm$$s tax rate is $40$ percent.

EX $2-29($Algo$)$ Part $1$: Prepare a schedule of cost of goods manufactured.

Required:

$1.$ Prepare a schedule of cost of goods manufactured.