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 December 31, 20x1 $ 60,000 120,000 160,000 $ 70,000 115,000 165,000 During 20x1, the company purchased $250,000 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 $ 11,000 26,000 100,000 26,000 30,000 Sales revenue was $1,111,000 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. ALEXANDRIA ALUMINUM COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20x1 Direct material: Raw-material inventory, January 1 $ 60,000 Add: Purchases of raw material 250,000 Raw material available for use $ 310,000 Less: Raw-material inventory, December 31 (70,000) Raw material used $ 240,000 Direct labor 400,000 Manufacturing overhead: Indirect material 11,000 Indirect labor 26,000 Depreciation on plant and equipment 100,000 Utilities 26,000 Other 30,000 Total manufacturing overhead Total manufacturing costs 193,000 $ 833,000 Add: Work-in-process inventory, January 1 120,000 Subtotal $ 953,000 Less: Work-in-process inventory, December 31 115,000 Cost of goods manufactured $ 838,000