Shamrock Company is a manufacturer of smartphones. Its controller resigned in October 2022. An inexperienced assistant 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 Less: Operating expenses Raw materials purchases $237,600 Direct labor cost 171,000 Advertising expense 81,000 Selling and administrative salaries 67,500 Rent on factory facilities 54,000 Depreciation on sales equipment 40,500 Depreciation on factory equipment 27,900 $702,000