Empire Company Income Statement For the Month Ended October 31, 2022 Sales revenue 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 Indirect labor cost Utilities expense Insurance expense Net loss $279,840 201,400 95,400 79,500 63,600 47,700 32,860 29,680 12,720 8,480 $826,800 851,180 $(24,380) 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: Raw materials Work in process Finished goods October 1 (a) $19.080 21,200 31,800 October 31 $30,740 14,840 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 2022. (Assume that all raw materials used were direct materials.)