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. January 1, 20x1 $ 50,000 120,000 160,000 Inventory Classification Raw material December 31, 20x1 $ 70,000 Work in process Finished goods 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: $ 12,000 Indirect material Indirect labor 26,000 100,000 26,000 30,000 Depreciation on plant and equipment Utilities Other Sales revenue was $1,112,000 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. Required: 1. Prepare a schedule of cost of goods manufactured. Answer is not complete. ALEXANDRIA ALUMINUM COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20x1 Direct material: $ 50,000 Raw-material inventory, January 1 Add: Purchases of raw material 260,000 Raw material available for use 310,000 Less: Raw-material inventory, December 31 70,000 2$ 240,000 Raw material used Direct labor 400,000 Manufacturing overhead: Indirect labor Indirect material Depreciation on plant and equipment 100,000 Utilities Other 30,000 Total manufacturing overhead 130,000 2$ 770,000 Total manufacturing costs Add: Work-in-process inventory, January 1 Subtotal Less: Work-in-process inventory, December 31 115,000 Cost of goods manufactured [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. December 31, 20x1 $ 70,000 115,000 Inventory Classification Raw material January 1, 20x1 $ 50,000 Work in process Finished goods 120,000 160,000 165,000 During 20x1, the company purchased $260,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: $ 12,000 Indirect material Indirect labor Depreciation on plant and equipment 26,000 100,000 26,000 30,000 Utilities Other Sales revenue was $1,112,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. 2. Prepare a schedule of cost of goods sold. ALEXANDRIA ALUMINUM COMPANY Schedule of Cost of Goods Sold For the Year Ended December 31, 20x1