Just need assistance with forming the income statement!

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 $794,300 Less: Operating expenses Raw materials purchases $263,300 Direct labor cost 190,900 Advertising expense 91,500 Selling and administrative salaries 77,400 Rent on factory facilities 62,600 Depreciation on sales equipment 44,000 Depreciation on factory equipment 32,900 Indirect labor cost 30,100 Utilities expense 12,800 Insurance expense 8,400 813,900 Net loss $(19,600) 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: Raw materials Work in process Finished goods October 1 $19,400 19,100 29,700 October 31 $35,300 14,700 53,400 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 For the Month Ended October 31, 2020 Work in Process Inventory, October 1 Direct Materials Raw Materials Inventory, October 1 19,400 Raw Materials Purchases 263,300 Total Raw Materials Available for Use 282,700 Less : Raw Materials Inventory, October 31 35,300 Direct Materials Used 247,400 Direct Labor 190,900 Manufacturing Overhead Factory Facility Rent 62,600 Depreciation on Factory Equipment 32,900 Indirect Labor 30,100 Factory Utilities 9,600 Factory Insurance 5,040 Total Manufacturing Overhead 140,240 Total Manufacturing Costs Total Cost of Work in Process Less V: Work in Process Inventory, October 31 Cost of Goods Manufactured eTextbook and Media (b) Prepare a correct income statement for October 2020. EMPIRE COMPANY Income Statement $