Alpesh Required informationEX 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 thebeginning and end of 20x1.Inventory ClassificationRaw materialWork in processFinished goodsIndirect materialIndirect laborDuring 20x1, the company purchased $260,000 of raw material and spent $400,000 on direct labor. Manufacturingoverhead costs were as follows:Depreciation on plant and equipmentUtilitiesOtherDirect material:SubtotalJanuary 1, 20x1$ 65,000Sales revenue was $1,112,000 for the year. Selling and administrative expenses for the year amounted to $110,000. Thefirm's tax rate is 40 percent.Required:1. Prepare a schedule of cost of goods manufactured.Manufacturing overhead:120,000140,000EX 2-29 (Algo) Part 1: Prepare a schedule of cost of goods manufactured.Total manufacturing overheadTotal manufacturing costsCost of goods manufacturedDecember 31,20x1$ 70,000115,000165,000ALEXANDRIA ALUMINUM COMPANYSchedule of Cost of Goods ManufacturedFor the Year Ended December 31, 20x1$ 10,00026,000100,00025,00030,000

The cost of goods manufactured includes the cost of goods that are finished during the period. The…

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 20x1. Inventory Classification Raw material Work in process Finished goods Indirect material Indirect labor January 1, 20x1 $ 65,000 Depreciation on plant and equipment Utilities Other 120,000 140,000 During 20x1, the company purchased $260,000 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 $ 10,000 26,000 100,000 25,000 30,000 Sales revenue was $1,112,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. equired: Prepare a schedule of cost of goods manufactured. X 2-29 (Algo) Part 1: Prepare a schedule of cost of goods manufactured.