Sales Less operating expenses: $450,000 Direct labor cost Raw materials purchased Manufacturing overhead Selling/ admin. expenses $70,000 165,000 85,000 142,000 462,000 ($12,000 Net operating loss ) Inventory balances: Raw Materials Work in process Finished goods August 1August 31 $8,000 $13,000 $16,000$21,000 $40,000 $60,000 That's not right! Something is wrong. Can you correct this income statement? Nutini Shoes Company Income Statement Raw material used For the Month Ending August 31 Cost of Goods Manufactured Cost of Goods Sold