3. Prepare an income statement.ALEXANDRIA ALUMINUM COMPANYIncome StatementFor the Year Ended December 31, 20x1$%24 Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventorybalances at the beginning and end of 20x1.Inventory ClassificationRaw materialJanuary 1, 20x1$ 60,000120,000150,000December 31, 20x1$ 70,000115,000165,000Work in processFinished goodsDuring 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor.Manufacturing overhead costs were as follows:$ 10,00025,000100,00025,00030,000Indirect materialIndirect laborDepreciation on plant and equipmentUtilitiesOtherSales revenue was $1,105,000 for the year. Selling and administrative expenses for the year amounted to$110,000. The firm's tax rate is 40 percent.

Income statement is one of the financial statement which shows all incomes and expenses of the…

Answered: 3. Prepare an income statement.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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3. Prepare an income statement. ALEXANDRIA ALUMINUM COMPANY Income Statement For the Year Ended December 31, 20x1