Current Attempt in Progress Tombert Company is a manufacturer of computers. Its controller resigned in October 2020. An inexperienced assistant account has prepared the following income statement for the month of October 2020. TOMBERT COMPANY Income Statement For the Month Ended October 31, 2020 Sales (net) $ 783.100 Less: Operating expenses Raw materials purchases $264 300 Direct labour cost 190.500 Advertising expense 89.100 Selling and administrative salaries 74.450 Rent on factory facilities 60.550 Depreciation on sales equipment 44 550 Depreciation on factory equipment 31.900 Indirect labour cost 28 150 12.500 Utilities expense B 250 804550 Insurance expense 5:21.450) Netlos Net Loss $(21.450) Prior to October 2020, the company had been profitable every month. The company's president is concemned 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: Raw materials Work in process Finished goods October 1 $18.000 16.000 30,100 October 31 $29.750 15.000 45.250 2. Only 80% of the utilities expense and 54% of the insurance expense apply to factory operations. The remaining amounts should be charged to selling and administrative activities Your answer is partially correct Question 4 of 4 3.06/4 TO VELEUS Work in Process ventory, October 1 Direct Materials Raw Materials inventory, October 1 18000 Raw Materials Purchases 264300 Total Raw Materials Available for Us 282300 Less Raw Materials wentary October 31 29750 1 Direct Metersed 252550 Direct Labour 190300 Manufacturing Dead indirect Libour 28150 Factory and 20 Factory 12800 Kanton story Facilities 60350 31100 Donor Teta Maria o ** DOLL F5 F6 F7 F8 F9 F10 F11 F12 PS Insert Question 4 of 4