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Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification January 1,

Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1.


Inventory ClassificationJanuary 1, 20x1
December 31, 20x1
Raw material$55,000

$70,000
Work in process
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$12,000
Indirect labor
26,000
Depreciation on plant and equipment
100,000
Utilities
24,000
Other
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:

3. Prepare a schedule of cost of goods manufactured.


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