Alhambra Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20×1

Alhambra Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20×1.■ Inventory ClassificationRaw material . . . . . . . . . . . . . . . . . . . . .January 1, 20×1$ 55,000 . . . . . . . . . . . .December 31, 20×1$ 75,000Work in process . . . . . . . . . . . . . . . . . . .110,000 . . . . . . . . . . . .125,000Finished goods . . . . . . . . . . . . . . . . . . . .160,000 . . . . . . . . . . . .155,000.transtutors.com/qimg/388d0f0e-0420-4a43-a30e-7fc5e7f8c997.png”>.transtutors.com/qimg/44a07577-d10b-465e-9cef-8caeee73d8ba.png”>During 20×1, the company purchased $240,000 of raw material and spent $420,000 for direct labor. Manufacturing overhead costs were as follows:Indirect material . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ 12,000Indirect labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22,000Depreciation on plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .110,000Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23,000Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35,000Sales revenue was $1,210,000 for the year. Selling and administrative expenses for the year amounted to$105,000. The firm’s tax rate is 35 percent.Required:1. Prepare a schedule of cost of goods manufactured.2. Prepare a schedule of cost of goods sold.3. Prepare an income statement.4. Build a spreadsheet:Construct an Excel spreadsheet to solve all of the preceding requirements. Show how both cost schedules and the income statement will change if the following data change: direct labor is $410,000 and utilities cost $24,000.