Required information Exercise 2-28 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.j Alhambra Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1 December 31 20x1 $ 70,000 Inventory January 1, 20x1 Classification Raw material Work in process 60,000 20,000 115,000 Finished goods 140,000 165,000 During 20x1, the company purchased $240,000 of raw material and spent $400,000 for direct labor. Manufacturing overhead costs were as follows $12,000 Indirect material Indirect labor Depreciation on plant and 24,000 100,000 24,000 equipment Utilities Other 30,000 Sales revenue was $1,108,000 for the year. 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 manufactured. ALHAMBRA 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 Subtotal Cost of goods manufactured