Question 4 of 5 < > -/20 Shamrock Company is a manufacturer of smartphones. Its controller resigned in October 2022. An inexperienced as accountant has prepared the following income statement for the month of October 2022. Shamrock Company Income Statement For the Month Ended October 31, 2022 Sales revenue $873,600 Less: Operating expenses Raw materials purchases $295,680 Direct labor cost 212,800 Advertising expense 100,800 Selling and administrative salaries 84,000 Rent on factory facilities 67,200 Depreciation on sales equipment 50,400 Depreciation on factory equipment 34,720 Indirect labor cost 31.360 Utilities expense 13,440 Insurance expense 8,960 899,360 Net loss $125,760) 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 Raw materials October 1 $20,160 October 31 $32.480 Work in process 22,400 15.680 Finished goods 33.600 56.000