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Kingbird Company is a manufacturer of smartphones. Its controller resigned in lDctober 2022. An inexperienced assistant accountant has prepared the following income statement for the month of October 2022. Kinghird Company Income Statement For the Month Ended October 31, 2022 Sales revenue 396?,200 Less: Operating expenses Raw materials purchases 532?,360 Dire ct labor co st 23 5,600 Advertising expense 111,600 Selling and administrative salaries 93,000 Rent on factory facilities T445100 Depreciation on sales equipment 55,300 Depreciation on factory equipment38,440 Indirect labor cost 34,?20 Utilities expense 14,880 lnsu rance expense 9,920 995,?20 Net loss S[2B,E20}I Prior to October 2022, the company had been protable 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. Inventory balances at the beginning and end of l{lectober were: lIC.'II:toI'.~-er idober 31 Flaw materials $22,320 $35,960 Work in process24,800 1723150 Finished goods 3?,200 62,000