Ach Company &a manufacturer of toys its control Jandes, resigned in August 2020 Andaccountant has prepared the following income statement for the month of August 2020 (Net) ATech COMPANY Income Stat For the Month Ended August 31, 2020 Less: Operating expenses Raw materials purchased Direct labor cost Advertising expense $200.000 160.000 75.000 70.000 1000 $675,000 Seling and admin sala Renton factory facilities Depreciatos os s 50.000 Depreciation on factory equip 35,000 Indret bar co 23.000 10.000 5000 insurance expense 685,000 Prior to August 2020 the company had been profitable every month. The company's president is concerned about the accuracy of the income statement her end, you have been asked to review the income statement and make necessary conctons After examining other manufacturing cost data, you have acquired additional information as follows 1. Investory balances at the beginning and end of August were Aug 1 Aug 31 Work in process Finished goods 25.000 43.000 $30000 21,000 64.000 2. Only 60% of the ties expense and 70% of the insurance expense apply to factory operations, the remaining amounts should be charged to saling and administrative Instructions: (a) Prepare a cast of goods manufactured schedule for August 2820 Account Account Tite Account Account Director Manufacturing Account Account Account Account Account Tie Total manufacturing cos Account Cost of goods manufactured (b) Prepare a correct income statement for August 2020. ATech COMPANY Amount Amount Formule Amount Formula Amount Anot Anourt Amount Amount Amourt Famul Anoust ACOMPANY Sales Amount Cost of goods sold Account Amount Tide Amount Account Amount Coal of goods sold Gross prote Formula Operating exposes Account Amount Account Amount Account Amount Account Amount Account Amount Tide Tide