P14-5B XLS Prepare a cost of goods manufactured schedule and a correct income statement (LO 5,6), AN Ortiz Company is a manufacturer of toys. Its controller resigned in August 2014. An inexperienced assistant accountant has prepared the following income statement for the month of August 2014 ORTIZ COMPANY Income Statement For the Month Ended August 31,2014 Sales revenue $675,000 Less: Operating expenses Raw materials purchases Direct labor cost Advertising expense Selling and administrative salaries 70,000 Rent on factory facilities Depreciation on sales equipmen 50 Depreciation on factory equipment 35,000 Indirect labor cost Utilities expense Insurance expense $220,000 160,000 75,000 60,000 20,000 10,000 5,000 705,000 S (30,000) Net loss