Hello, can someone please help me. I'm new to accounting and i'm having lots of trouble with this question. i would really appreciate your help

the ones marked red are wrong, can you please correct them?

Swift Company was organized on March 1 of the current year. After ve months of startup losses, management had expected to earn a prot during August, the most recent month. Management was disappointedI howeverI when the income statement for August also showed a loss. August's income statement follows: SWIFT COMPANY Income Statement For the Month Ended August 51 Sales 5 555,000 Less: Operating expenses: Indirect labour cost 5 1T,100 Utilities 15,500 Direct labour cost T5,000 Depreciation, factory equipment 25,000 Raw materials purchased 215,000 Depreciation, sales equipment 15,000 lnsu rance 5,200 Rent on facilities 4T,000 Selling and administrative salaries 40,000 Advertising T1,?00 545,500 Net loss 5 {5,500} The company's controller resigned a month ago. SamI a new assistant in the controller's ofceI prepared the income statement above. Sam has had little experience in manufacturing operations. After seeing the $5,500 loss for August. Swift's president stated, \"I was sure we'd be protable within six months, but our six months are up and this loss for August is even worse than .luly's. I think it's time to start looking for someone to buy out the company's assetsif we don't, within a few months there won't be any assets to sell. By the way, I don't see any reason to look for a new controller. We'll just limp along with Sam for the time being.\" Additional information about the company follows: a. Some 50% of the utilities cost and T553 of the insurance apply to factory operations. The remaining amounts apply to selling and administrative activities. b. Inventory balances at the beginning and end of August were as follows: Augmt 1 Augum 51 Raw materials 5 25,000 5 15,000 Work in process 5,000 15,000 Finished goods 55,000 51,000 c. Only T591: of the rent on facilities applies to factory operations; the remainder applies to selling and administrative activities. The president has asked you to check over the income statement and make a recommendation about whether the company should look for a buyer for its assets. 2. As a second step, prepare a new income statement for August. x Answer is complete but not entirely correct. SWIFT COMPANY Income Statement For the Month Ended August 31 Sales 535,000 Less cost of goods sold: Finished goods inventory, August 1 23,000 X Add: Cost of goods manufactured 216,000 X Goods available for sale 239,000 Deduct: Finished goods inventory, August 31 19,000 x 220,000 Gross margin 315,000 X Less operating expenses: Utilities 3,100 Insurance 1,300 Rent on facilities 11,750 Depreciation, sales equipment 18,000 Selling and administrative salaries 49,000 Advertising 71,700 Finished goods inventory, August 1 154,850 Net income $ 160, 150 X 3. On the basis of your statements prepared in parts (1) and (2), would you recommend that the company look for a buyer? XO Yes ONORequired: 1. As one step in gathering data for a recommendation to the president, prepare a schedule of cost of goods manufactured in good form for August. 9 Answer is complete lull: not entirely correct. Direct materials: Raw materials inventory. August '1 23,000 a Add: Purchase of railiir materials 216,000 0 Raw materials available for use 239.000 Deduct: Purchase of rail:r materials a 19.0% 0 Raw materials used in production Direct labour 0 H.000 0 Manufacturing overhead: Indirectlebour o 1?,1000 Depreciation. factory equipment a 26,000 0 Utilities 0 12,400 9 Insurance 0 3,900 0 Rent on facilities 0 35,250 0 Total overhead costs Total manufacturing costs Add: Work in process inventory, August 1 a 94.650 400,550 (18,000) a Deduct: Wont in process inventory. August 31 0 Cost of goods manufactured