Required information 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 Raw material Work in process Finished goods January 1, 20x1 $ 65, 000 120,000 170,000 December 31, 20x1 $ 70,000 115,000 165,000 During 20x1, the company purchased $240,000 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 25,000 100,000 23,000 30,000 Sales revenue was $1,109,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. Exercise 2-29 Part 1 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 0 Cost of goods manufactured 2. Prepare a schedule of cost of goods sold. ALEXANDRIA ALUMINUM COMPANY Schedule of Cost of Goods Sold For the Year Ended December 31, 20x1 Finished-goods inventory, January 1 Add: Cost of goods manufactured Cost of goods available for sale Less: Finished-goods inventory, December 31 Cost of goods sold 3. Prepare an income statement. ALEXANDRIA ALUMINUM COMPANY Income Statement For the Year Ended December 31, 20x1