Problem 19-05A a-b uly 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 2020. LILY COMPANY Income Statement For the Month Ended October 31, 2020 Sales revenue $794,100 Less: Operating expenses $264,800 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 Uilities expense Insurance expense 188,800 92,100 76,400 62,900 45,800 32,900 29,100 12,900 8,300814,000 $(19,900) Net loss accuracy of the income statement. As her friend, you have been asked to the company had been profitable every month, The company's president is concerned about the Prior to October 2020, review the income statement and make necessary corrections. After examining other m anufacturing cost data, you have acquired additional information as 1Inventory balances at the beginning and end of October were