PRINTER VERSEON Problem 19-05A a-b Bonita Company is a manufacturer of smart phones. Its controller October 2020. resigned in October 2020. An Inexperienced assistant accountant has prepared the folowing income statement for the month of October BONITA COMPANY Income Statement For the Month Ended October 31, 2020 $794,800 Less: Operating expenses Raw materials purchases Direct labor cost Advertising expense Selling and administrative salaries Rent on factory facilities Depreciation on sales equipment Depreciation on factory equipment Indirect labor cost Utiaties expense Insurance expense $264,900 189,100 91,500 77,600 61,600 45,000 2,900 30,000 13,000 9,100 814,700 (19,900) Net loss Prior to October 2020, the company had been profitable every month. The cempany's president is concerned about the eccuracy of the income statement. As her friend, you have been asked to review the income statement and make necessary corrections. After examining other manufecturing cost data, you have acquired adstilonel infermation as tollows 1. Inventory balances at the beginning and end of October were