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Required information Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6) [The foiiowing information appiies to the questions dispiayed beiow] 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, 28x1 December 31, 28x1 Raw material 15 68,888 $ 348,888 Work in process 128,888 115,888 Finished goods 168,888 155,888 During 20x1, the company purchased $240,000 of rawr material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material 15 8,888 Indirect labor 27,888 Depreciation on plant and equipment 188,888 Utilities 25,888 Other 39,999 Sales revenue was $1,108,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The rm's tax rate is 40 percent. Required: 1. Prepare a schedule of cost of goods manufactured. ALEXANDRIA ALUMINUM COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20x1 Direct material: Manufacturing overhead: Total manufacturing overhead Total manufacturing costs Subtotal Cost of goods manufactured