Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold: Income Statement LO 2-1.2-3.2-6) Alexandria Alinum Company, a manufacturer of recyclable soda cais, had the following inventory balances at the beginning and end of 20x1 Inventory Classification January 1, 2011 December 31, 201 Now nate $60,000 Work in process Frihed goods 120000 150.000 $70,000 5.000 105.000 During 2011, the company purchased $250,000 of raw material and spent $400,000 on direct labor Manufacturing overhead costs were as follows: Indirect hidea direct labb $10,000 25,000 Depreciation on plant and eupment 100000 25,000 30,000 P 66 Sales revenue was $1.105.000 for the ye Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. Required: 1 Prepare a schedule of cost of goods manufachined 2 Prepare a schedule of cost of goods sold 3. Prepare an income statement. 4. Baild a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements Show bow both cost schedules and the income statement will change if the folowing data chang direct labor is $390,000 and utilities cost $35.000