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Question: im not sure why my answers are incorrect can someone...

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Required information Exercise 2-29 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 January 1, 20xl $ 65,000 120,000 170,000 December 31, 20x1 $ 70,000 115,000 165,000 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 Indirect labor Depreciation on plant and equipment Utilities Other $ 10,000 25,000 100,000 23,000 30,000 Sales revenue was $1,109,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firms tax rate is 40 percent3. Prepare an income statement. Answer is not complete. ALEXANDRIA ALUMINUM COMPANY Income Statement For the Year Ended December 31, 20x1 Sales revenue Less: Cost of goods sold Gross margin Selling and administrative expenses Income before taxes Income tax expense 1,109,000 (833,000) 276,000 (110,000) 166,000 220,000 Net income S 220,000

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