Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6) [The following information applies to the questions displayed below.] Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification January 1, 20x1 December 31, 20x1 Raw material $ 55,000 $ 70,090 Work in process 120, 000 115, 000 Finished goods 160, 000 165, 000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material $ 9,000 Indirect labor 25, 000 Depreciation on plant and equipment 100, 000 Utilities 23,000 Other 30, 000 Sales revenue was $1,107,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent.1. Prepare a schedule of cost of goods manufactured. ALEXANDRIA ALUMINUM COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20x1 Direct material: Manufacturing overhead: Total manufacturing overhead Total manufacturing costs 0 Subtotal Cost of goods manufactured