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Empire Company is a manufacturer of smart phones. Its controller resigned in October 2020. An inexperienced assistant accountant has prepared the following income statement for the month of October 2020. EMPIRE COMPANY Income Statement For the Month Ended October 31, 2020 Sales revenue $793,800 Less: Operating expenses Raw materials purchases $263,200 Direct labor cost 188.900 91,000 77,000 Advertising expense Selling and administrative salaries Renton factory facilities Depreciation on sales equipment Depreciation on factory equipment 61,500 45,200 32.500 Indirect labor cost 28.800 Utilities expense 11,700 Insurance expense 8.700 808.500 $263,200 Raw materials purchases Direct labor cost 188,900 91,000 77,000 61,500 45,200 Advertising expense Selling and administrative salaries Rent on factory facilities Depreciation on sales equipment Depreciation on factory equipment Indirect labor cost Utilities expense 32,500 28,800 11,700 8,700 808,500 Insurance expense $(14,700) Net loss Prior to October 2020, the company had been profitable every month. The company's president is concerned about the accuracy of the income statement. As her friend, you have been asked to review the income statement and make necessary corrections. After exarnining 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 $20,700 $35.900 Prior to October 2020, the company had been profitable every month. The company's president is concerned 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 $20.700 $35,900 Raw materials Work in process Finished goods 20,900 14,100 30,200 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, Prepare a schedule of cost of goods manufactured for October 2020, EMPIRE COMPANY Cost of Goods Manufactured Schedule EMPIRE COMPANY Cost of Goods Manufactured Schedule C A A I C > C > c $ eTextbook and Media