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1 3 Required Information (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 January 1, December 31, Classification 20x1 20x1 Raw material $ 60,000 $ 70,000 Work in process 120,000 115,000 Finished goods 150, eee 165,000 During 20x1, the company purchased $260.000 of raw material and spent $400,000 on direct labor, Manufacturing overhead costs were as follows: Indirect material $ 9,000 Indirect labor 24,000 Depreciation on plant and equipment 100,000 Utilities 26,000 Other 30,800 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. 3. Prepare an income statement Answer is not complete. ALEXANDRIA ALUMINUM COMPANY Income Statement For the Year Ended December 31, 20x1 Sales revenue 1.107.000 Less: Cost of goods sold 829,000 Gross margin $ 278,000 Selling and administrative expenses 110,000 Income before taxes 168,000 0 Income tax expense 67,2017 Net income $ (67,200)