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 January 1, 20 $60,000 December 31, 201 $70,000 120,000 115,000 Finished goods 150,000 165,000 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 $10,000 Indirect labor 25,000 Depreciation on plant and equipment 100,000 Utilities Other 25.000 30,000 Sales revenue was $1,105,000 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 260,000 Raw material available for use $ 320,000 Less Raw-material inventory, December 31 70,000 Direct labor $ 400,000 Direct labor Manufacturing overhead Indirect material $ 9.000 Indirect labor 24,000 Depreciation on plant and equipment 100,000 Utes 26.000 Other 30.000 Total manufacturing overhead Total manufacturing costs Sublatal Cost of goods manufactured 189,000 $ 589.000