Problem 14-OSA a-b (video) (Part Level Submission) Swifty Company is a manufacturer of smart phones. Its controller resigned in October 2020. An inexperienced assistant accountant has prepared the following income statement for the month of October 2010 SWIFTY COMPANY Income Statement For the Month Ended October 31, 2020 Sales revenue $793,800 Less: Operating expenses Raw materials purchases $263,200 Direct labor cost 188,900 Advertising expense 91,000 Selling and administrative salaries 77,000 Rent on factory facilities 61,500 Depreciation on sales equipment 45,200 Depreciation on factory equipment 32,500 Indirect labor cost 28,800 Utilities expense 11,700 Insurance expense 8.700 303,500 Net loss $(14,700) Prior to October 2020, 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 date, you have acquired additional information as follows. 1. Inventory balances at the beginning and end of October were October 1 October 31 Raw materials $20,700 $35,900 Work in process 20,900 14,100 30.200 SRO Indirect labor cost BACK 28,800 Utilities expense 11.700 Insurance expense 8,700 B, 500 Net loss (14,700) Prior to October 2020, 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 the manufacturing cost date, you have acquired additional information as follows. 1. Inventory balances at the beginning and end of October were October October 31 Raw materials $20,700 $35,900 Work in process 20.900 14,100 Finished goods 30,200 53,000 2. Only 75% of the utilities expense and 60% of the insurance expense apply to factory operations. The remaining amounts should be charged to sing and administrative activities Prepare a schedule of cost of goods manufactured for October 2020. SWIFTY COMPANY Cost of Goods Manufactured Schedule For the Month Ended October 31, 2020 Work in Process Inventory, October 1 Direct Material Raw Materials Inventory, October 1 20.700 $ Raw Materials Purchases (a) Prepare a schedule of cost of goods manufactured for October 2020. SWIFTY COMPANY Cost of Goods Manufactured Schedule For the Month Ended October 31, 2020 Work in Process Inventory, October 1 20,900 Direct Materials Raw Materials inventory, October 1 V 20,700 Raw Materials Purchases 263,200 Total Raw Materials Available for Use Less Raw Materials Inventory, October 31 Direct Materials Used Direct Labor Manufacturing Overhead Factory Facility Rent Manufacturing Overhead Factory Facility Rent 2 Less Work in Process Inventory, October 31 3 Cost of Goods Manufactured (b) b The parts of this question must be completed in order. This part will be available when you complete the part above