Saved He (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 $ 55,000 120,000 150,000 December 31, 20x1 $ 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 9,000 24,000 100,000 24,000 30,000 Sales revenue was $1,113,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. 13 Dronorm on inramnotatomoint 3 Sales revenue was $1,113,000 for the year. Selling and administrative expenses for ti firm's tax rate is 40 percent. Part 3 of 3 3. Prepare an income statement. ALEXANDRIA ALUMINUM COMPANY 3 points Income Statement eBook For the Year Ended December 31, 20x1 Sales revenue $ 1,113,000 Add: Cost of goods sold 235,000 (Gross margin $ 391,000 Print References Income before taxes Income tax expense Net income 391,000 191,000 76,400 123,600 $ Me