Inventory Classification E2-29 Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Raw material January 1, 20x1 $ December 31, 20x1 60,000 $ 70,000 120,00 Work in process 115,000 0 150,00 Finished goods 165,000 0 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 Indirect labor Depreciation on plant and equipment Utilities Other $ 10,000 25,000 100,00 0 25,000 30,000 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. 1. Prepare a schedule of cost of goods manufactured. 2. Prepare a schedule of cost of goods sold. 3. Prepare an income statement