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, 20x1 $ 60,000 120,000 150,000 December 31, 201 $ 70,000 115,000 165,000 Finished goods 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 24,000 30,000 to 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 Check my work