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 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 $269,280 193,800 91,800 76,500 61,200 45,900 31,620 28,560 12,240 Prior to October 2022, the company had been profitable every month. The company's president is concerned about the accurac