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 Classification Raw material Work in process Finished goods January 1, 20x1 $ 50,000 120,000 December 31, 20x1 $70,000 115,000 165,000 150,000 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 $ 10,000 24,000 100,000 25,000 30,000 Sales revenue was $1,115,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. Direct material: ALEXANDRIA ALUMINUM COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20x1 Raw-material inventory, January 1 50,000 Add: Purchases of raw material 250,000 Raw material available for use 300,000 Less: Raw-material inventory, December 31 (70,000) Raw material used 230,000 Manufacturing overhead Total manufacturing overhead Total manufacturing costs Subtotal Cost of goods manufactured $ 230,000