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Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginni...

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, 20x1 December 31, 20x1 Raw material $ 60,000 $ 70,000 Work in process 120,000 115,000 Finished goods 140,000 165,000 During 20x1, the company purchased $240,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material $ 10,000 Indirect labor 24,000 Depreciation on plant and equipment 100,000 Utilities 25,000 Other 30,000 Sales revenue was $1,113,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm’s tax rate is 40 percent. 3. Prepare an income statement.

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Alexandria Aluminum Company Schedule of Cost of Goods Manufactured For the Year Ended 12/31/X1 Direct Materials: Raw Material

Alexandria Aluminum Company Income Statement For the Year Ended 12/31/X1 $ 1,113,000 Sales Revenue Less: Cost of Goods Sold 7

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