Metlock Company Income Statement For the Month Ended October 31, 2022 Sales revenue $842,400 Less: Operating expenses Raw materials purchases $285,120 Direct labor cost 205,200 97,200 81,000 Advertising expense Selling and administrative salaries Rent on factory facilities Depreciation on sales equipment 64,800 48,600 33,480 Depreciation on factory equipment Indirect labor cost Utilities expense 30,240 12,960 Insurance expense 8,640 867,240 Net loss $(24.840) 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 $19,440 $31,320 Work in process 21,600 15,120 Finished goods 32,400 54,000 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.) METLOCK COMPANY Cost of Goods Manufactured Schedule For the Month Ended October 31, 2022 Cost of Goods Manufactured Finished Goods Inventory October 1 V $ Cost of Goods Manufactured >