Problem 14-5A ncome statement or the month of October, 2 Empire Company is manufacturer of smart phones. T s contro er resat nedin Otto e r 20 7. An nexperienced ass stant accountant has prepared the o lown EMPIRE COMPANY Income Statement For the Month Ended October 31, 2017 791,800 Less: Operating expenses 264,900 Raw materials purrhases Direct labor cost 189,100 Advertising expense Selling and administrative salaries 77,600 Rent on factory facilities Depreciation on sales cquipment 45,000 Depreciation on factory equipment 32,900 Utilities expense 13,000 Insurance expense Net loss Prior to October 2017, the company had been profitable every manth. The company's president is concerned about the accuracy af the income staternent. As her friend, you have been asked to review the icome statement and make ncessary corrections. After examining other manufacturing cost data, you have acquired additional information as fellows. 1. Inventory balances at the beginning and end of October were: October1 Octobcr 31 Raw materials 19,000 36,000 Work in prucess 20,700 14,500 Finished goods 31,000 53,600 2. Only 75% f the utilities expense and 60% o the insurance expense npp y ta fartary operations. The remaining amounts should be charged to selling and administrative activities Prepare a schedule of cost of geeds manufactured for October 2017. (Round answers to o decimal places, e.g. 125.) EMPIRE COMPANY Cost of Goods Manufactured Schedulc Prepare a schedule of cost of goods manufactured for October 2017. (Round answers to 0 decimal places, e.g. 125.,) EMPIRE COMPANY Cost of Goods Manufacturcd Schodulc Prepare a correct income statement for October 2017 EMPIRE COMPANY Income. Sial emenl 5 Question Attempts: Unlimit