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 $269,280 Direct labor cost 193,800 Advertising expense 91,800 Selling and administrative salaries 76,500 Rent on factory facilities 61,200 Depreciation on sales equipment 45,900 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)