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EX $2-29($Algo$)$ Schedules of Cost of Goods Manufactured and Sold; Income Statement $($LO $2-1,2-3,2-6)$

$[$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 $201.$

During $20$x$1,$ the company purchased $$260,000$ of raw material and spent $$400,000$ on direct labor. Manufacturing

overhead costs were as follows:

Sales revenue was $$1,115,000$ for the year. Selling and administrative expenses for the year amounted to $$110,000.$ The

firm's tax rate is $40$ percent.

EX $2-29($Algo$)$ Part $3$: Prepare an income statement.

Prepare an income statement.