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Question 1 Empire Company is a manufacturer of smart phones. Its controller resigned in October 2017. An inexperienced assistant accountant has prepared the fellowing income statement for the month of October 2017, EMPIRE COMPANY Income Statement For the Month Ended October 31, 2017 Sales revenue $794,700 Less: Operating expenses Raw materials purchases Direct labor cost Advertising expense Selling and administrative salaries Rent on factory facilities Depreciation on sales equipment Depreciation on factory equipment Indirect labor cost Ubilities expense Insurance expense $263,200 188,000 92,400 77,500 62,800 45,100 32,600 28,600 8,300 811,100 Net loss s(16,400) Prior to October 2017, the company had been profitable every month. The company's president is concened about the accuracy of the income statement. As her friend, you have been asked to review the income statement and make necessary corrections. After examining other manufacturing cost data, you have acquired additional information as follows. 1. Inventory balances at the beginning and end of October were: October 1 October 31 Raw materials Work in process Finished goods $19,000 19,200 30,400 $35,600 14,600 53,000 2. Only 75% of the utilities expense and 60% of the insurance expense apply to factory operations. The remaining amounts should be charged to selling and administrative activities