Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold: Income Statement (L02-1, 2-3, 2-6) Exercise 2-30 Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. 3. Inventory Classification Raw material Work in process Finished goods 4. analitin Indirect material Indirect labor Depreciation on plant and equipment Utilities.m Other January 1, 20x1 $ 60,000 120,000 150,000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare a schedule of cost of goods sold. December 31, 20x1 $ 70,000 115,000 165,000 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 percent. $ 10,000 25,000 100,000 25,000 30,000 Prepare an income statement. Build a spreadsheet: 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 $390,000 and utilities cost $35,000.

atencise 2-25 hone Shaneri (1021,23,26) Saies meraue was $1.105,000 for the year-Sellieg and administrative cupenes kar the year ameunted to stio.000 The firm' s tak rate is 40 porcent. Rrepited 2. Pispare a schedule of cou of gocdis wol a. Prepare an incone statertichi. direct bibor is $390.000 asd utifities cost $3.5,000