i View Policies Current Attempt in Progress Kingbird Company is a manufacturer of smartphones. Its controller resigned in October 2022. An inexperienced assistant accountant has prepared the following income statement for the month of October 2022, Kingbird Company Income Statement For the Month Ended October 31, 2022 Sales revenue $795,600 $269,280 193,800 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 91.800 76 500 61,200 45.900 31,620 Indirect labor cost 28 560 Utilities expense 12.200 Insurance expense 8.160 819.040 -14 LOS TO Depreciation on factory equipment 31.620 Indirect labor cost 28.560 Utilities expense 12,240 Insurance expense 8,160 819,060 Net loss $(23,460) Prior to October 2022, 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 Raw materials $18,360 Work in proces $29,580 14 280 20.400 Finished goods 30,600 51.000 2 Only 75% of the utilities expense and 60% of the insurance pense plyta factory operations. The remaining amounts should be charged to selling and administrative activities Prepare a schedule of cost of goods manufactured for October 2022. (Assume that all raw materials used were direct materials.) KINGBIRD COMPANY Cost of Goods Manufactured Schedule > Question 5 of 5 -/4 = o