Saved Help HW: Chapter 2 Save & Exit Su heck my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to ques 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 January 1, 20x1 December 31, 20x1 Raw material $ 60,000 $ 70,000 Work in process 12e, eee Finished goods 170,000 115,000 165,000 During 20x1, the company purchased $260,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: $ Indirect material Indirect labor Depreciation on plant and equipment Utilities Other 12,888 25,000 188,888 24, eee 3 , Sales revenue was $1.114.000 for the year. Selling and administrative expenses for the year amounted to $110,000 The firm's tax rate is 40 percent. 3. Prepare an income statement. Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to qui 3 Utilities Other 24,00 30, eee Sales revenue was $1.114,000 for the year. Selling and administrative expenses for the year amounted to $110,000 The firm's tax rate is 40 percent. Part 3 of 3 3. Prepare an income statement 3.4 points Answer is not complete. ALEXANDRIA ALUMINUM COMPANY Income Statement For the Year Ended December 31, 20x1 Sales revenue $ 1.114,000 Less: Cost of goods sold 831,000 X Gross margin $ 283,000 X Selling and administrative expenses 110,000 Selling and administrative expenses x 69,200 Income before taxes 103,800 Income tax expense Income before taxes x Net income 103,800 Mc GE CO