Nutini Shoes Company Income Statement For the Month Ending August 31 $450,000 Sales Less operating expenses $70,000 Direct labor cost Raw materials purchased 165,000 Manufacturing overhead Selling/ admin. expenses142,000462,000 85,000 Net operating loss August 1 August 31 Raw Materials Work in process Finished goods $8,000 $13,000 $16,000 $21,000 $40,000 $60,000 That's not right! Something is wrong. Can you correct this income statement? Nutini Shoes Company Income Statement Raw material used For the Month Ending August 31 Cost of Goods Manufactured Cost of Goods Sold