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: 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. Kingbird Company Income Statement For the Month Ended October 31, 2022 Sales revenue $967,200 Less: Operating expenses Raw materials purchases $327,360 Direct labor cost 235,600 Advertising expense 111,600 Selling and administrative salaries 93,000 Rent on factory facilities 74.400 Depreciation on sales equipment 55,800 Depreciation on factory equipment 38,440 Indirect labor cost 34,720 Utilities expense 14.880 Insurance expense 9.920 \begin{tabular}{c} 995,720 \\ $(28,520) \\ \hline \end{tabular} Net loss Prepare a correct income statement for October 2022