Novak Company is a manufacturer of smart phones. Its controller resigned in October 2022. An inexperienced assistant accountant has prepared the following income statement for the month of October 2022. NOVAK COMPANY Income Statement For the Month Ended October 31, 2022 Sales revenue $1,014,000 Less: Operating expenses Raw materials purchases $343,200 Direct labor cost 247,000 Advertising expense 117,000 Selling and administrative salaries 97,500 Rent on factory facilities 78,000 Depreciation on sales equipment 58,500 Depreciation on factory equipment 40,300 Indirect labor cost 36,400 Utilities expense 15,600 Insurance expense 10,400 1,043,900 Net loss $(29,900) 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 $23,400 $37,700 Work in process 26,000 18,200 Finished goods 39,000 65,000 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. (Round answers to O decimal places, e.g. 125.) Cost of Goods Manufactured Depreciation on Factory Equipment Direct Labor Direct Materials Direct Materials Used Factory Facility Rent Factory Insurance Factory Utilities Indirect Labor Manufacturing Overhead Raw Materials Inventory, October 1 Raw Materials Inventory, October 31 Raw Materials Purchases Total Cost of Work in Process Total Manufacturing Costs Total Manufacturing Overhead Total Raw Materials Available for Use Work in Process, October 1 Work in Process, October 31 Finished Goods Inventory, October 1 Finished Goods Inventory, October 31 NOVAK COMPANY Cost of Goods Manufactured Schedule $ Prepare a schedule of cost of goods manufactured for October 2022. (Round answers to O decimal places, e.g. 125.) NOVAK COMPANY Cost of Goods Manufactured Schedule For the Year Ended October 31, 2022 October 31, 2022 For the Month Ended October 31, 2022 > > > > > > > > > > > > > > > > Textbook and Media $ $