Problem 19-OSA a-b Coronado 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. $794,300 CORONADO COMPANY Inen Statement For the Month End October 31, 2020 Sales revenue Less Operating expenses Raw materials purchases $264.700 Director cast 142.000 Advertising AXPANSA 22.000 Selling and administrative salaries 76,100 Rent on factory facilities 62,300 Depreciation on sales couipment 44,100 Depreciation on factory equipment 32,900 Indirect labor cost 28,400 Utilities expense 12,500 Insurance experse 8,000 Net loss $13,700 $110.4001 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 data, you have acquired additional information as follows: 1. Inventory balances at the beginning and end of October war Raw materials Work in process Finished goods October 1 $10,100 19,600 29,500 October 31 $35,700 14,300 53,500 2. Only 755of the utilities expense and 60% of the Insurance expense apply to factory operations. The remaining amounts should be charged to selling and administrative activities. Prepare a schedule of cost of goods manufactured for October 2020. CORONADO COMPANY Cost of Goods Manufactured Schedulc Prepare a correct income statement for October 2020 CORONADO COMPANY Income Statement