Dog Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances atthe beginning and end of 20x1.Inventory ClassificationRaw materialWork in processFinished goodsJanuary 1, 20x1$ 60,000120,000150,000Indirect materialIndirect laborDecember 31, 20x1$ 70,000During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor.Manufacturing overhead costs were as follows:Depreciation on plant and equipmentUtilitiesOther$ 10,00025,000100,000115,000165,00025,00030,000Sales 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.Construct an Excel spreadsheet to solve all of the preceding requirements. Show how both cost schedules and the incomestatement will change if the following data change: direct labor is $390,000 and utilities cost $35,000.

Income statement is a financial statement that records all the income and expenses of the business…

Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material Work in process Finished goods January 1, 20x1 $ 60,000 120,000 150,000 Indirect material Indirect labor During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: December 31, 20x1 $ 70,000 115,000 165,000 Depreciation on plant and equipment Utilities Other $ 10,000 25,000 100,000 25,000 30,000 Sales 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. onstruct an Excel spreadsheet to solve all of the preceding requirements. Show how both cost schedules and the income zatement will change if the following data change: direct labor is $390,000 and utilities cost $35,000.