Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold; Income Statement (L02-1, 2-3, 2-6) 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. January 1, 20x1 $ 60,000 120,000 150,000 Indirect material Indirect labor Depreciation on plant and equipment Utilities Other 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.

Exercise 2-29 Schedules of Cort ot Coods Manifactured and Solt: income sutement (cos1,23,26) Alecandria Aluminum Company, a manafacturer of recyclable voda cans, had the following inventory balances at the beginning and end of 20s1. During 201, the company purchased $250,000 of raw material and spent $400,000 on direct labor: Manufacturing overticad costs were as follows: Sales revenue was $1,105,000 tor the year, Selling and administrative expenses for the year amoanted to $110,000. The firm's tax rate is 40 percent. Aequired: 1. Prepure a sichedale of cont of goods manufactured. 2. Prepure a schedule of cost of goods sold. 3. Prepure an income statement. 4. Builf a sprnathret: Construct an Excel spreafsbeet to solve all of the preceding requirements. Show bow both cost schedules and the income statement will change if the following data change: direct labor is $390,000 and utilities cose 535,000