Prepare a schedule of cost of goods manufactured for October 2022. (Assume that all raw materials used were direct materials.) LARKSPUR COMPANY Cost of Goods Manufactured Schedule For the Month Ended October 31, 2022 Work in Process, October 1 Direct Materials Raw Materials Inventory, October 1 Raw Materials Purchases 18720 274560 Total Raw Materials Available for Use 293280 Less : Raw Materials Inventory, October 31 30160 i Direct Materials Used $ Larkspur 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. Larkspur Company Income Statement For the Month Ended October 31, 2022 Sales revenue Less: Operating expenses Raw materials purchases $274,560 Direct labor cost 197,600 Advertising expense 93,600 Selling and administrative salaries 78,000 Rent on factory facilities 62,400 Depreciation on sales equipment 46,800 Depreciation on factory equipment 32,240 Indirect labor cost 29.120 Utilities expense 12,480 $811,200 Utilities expense 12,480 Insurance expense 8,320 835,120 Net loss $(23,920) 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 $18,720 $30,160 Work in process 20,800 14,560 Finished goods 31,200 52,000 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