Required information The following information applies to the questions displayed below.j 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 l, 20x1 $ 60,000 120,000 170,000 December 31, 20x1 $ 70,000 115,000 165,000 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 Indirect labor Depreciation on plant and equipment Utilities Other $ 12,000 24,000 100,000 26,000 30,000 Sales revenue was $1,106,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent