Metlock 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. Metlock Company Income Statement For the Month Ended October 31, 2022 Sales revenue $842.400 $285,120 205,200 97,200 81,000 64,800 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 Netloss 48,600 33,480 30,240 12,960 8,640 867,240 $(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 Raw materials $19.440 October 31 $31,320 15.120 54,000 21.600 Work in process Finished goods 32,400 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. Your answer is partially correct. 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 Raw Materials Inventory, October 1 Direct Materials Raw Materials Inventory, October 1 $ 19440 Raw Materials Purchases 285120 Total Raw Materials Available for Use 304560 Less Raw Materials inventory, October 31 31320 Direct Materials Used $ 273240 Direct Labor 205200 Manufacturing Overhead Indirect Labor 97,200 Factory Facility Rent 64800 Indirect Labor 30240 Depreciation on Factory Equlpment 33480 Factory Utilitles 9720 Total Manufacturing Costs 8640 Work In Process. October 1 Total Cost of Work In Process Less Work In Process October 31 Cost of Goods Manufactured METLOCK COMPANY Cost of Goods Manufactured Schedule For the Month Ended October 31, 2022 er 1 $ ber 1 $ 19440 285120 for Use 304560 Inventory, October 31 31320 273240 205200 97,200 64800 1000 30240 iment 33480 9720 8640 21600 755,784 25. October 31 15120 i 0 740,664