Blossom Company is a manufacturer of computers. lts controller resigned in October 2022. An inexperienced assistant accountant has prepared the following income statement for the month of October 2022. BLOSSOMCOMPANY Income Statement For the Month Ended October 31, 2022 Sales (net) $780,000 Less: Ope rating expenses Raw materials purchases $264030 Direct labour cost 190930 Advertising expense 89,030 Selling and administrative salaries 74,030 Rent on factory facilities 60:030 Depreciation on sales equipment 44:030 Depreciation on factory equipment 31:030 Indirect labour cost 28:030 Utilities expense 12:030 Insurance expense 8030 800,000 Net Loss ${200001 Prior to October 2022,the company had been protable every month. The corn pa ny's president is concerned about the accuracy of the income statement. As his friend, he has asked you to review the income statement and make necessary corrections. After examining other manufacturing cost data, you have acquired the following additional information. 1. Inventory balances at the beginning and end of October were as follows: October 1 October 31 Raw materials $1,800 $29,500 Work in process 16,000 14,500 Finished goods 30,000 45,000 2. Only 70% of the utilities expense and 50% of the insurance expense apply to factory operations.The remaining amounts should be charged to selling and administrative activities. Prepare a schedule of the cost of goods manufactured for October 2022. BLOSSOMCOMPANY Cost of Goods Manufactured Schedule v vv v toPrepare a correct income statement for October 2022. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) BLOSSOMCOMPANY Income Statement $v v V v $