Saved Help Save & Exit Connect HW: Chapter 2 O Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completi Return toc 2 O Part 2 of 3 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. 3.3 oints Inventory Classification Raw material Work in process Finished goods January 1, 20x1 $ 60,000 120,000 170, eee December 31, 20x1 $ 70,000 115, eee 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,eee 25,000 100,000 24,000 30,000 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 2. Prepare a schedule of cost of goods sold. Accomplete but not entirely correct Return to ques 2 overhead costs were as follows: 2 of 3 Indirect material Indirect labor Depreciation on plant and equipment Utilities Other $ 12,000 25,898 188,888 24.ee 30,000 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. 2. Prepare a schedule of cost of goods sold, Answer is complete but not entirely correct. ALEXANDRIA ALUMINUM COMPANY Schedule of Cost of Goods Sold For the Year Ended December 31, 20x1 Finished-goods inventory, January 1 s 170,000 Add: Cost of goods manufactured 851,000 Cost of goods available for sale S 966,000 X Less: Finished-goods inventory, December 31 165,000 Cost of goods sold $ 801.000 9 >