Show Attempt History Current Attempt in Progress 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 $873,600 Tess Operating exper Raw materials purchases $295,680 Direct labor cost 212.800 Advertising expense 100.800 Selling sed 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 opense 13440 Not los Insurance expense 8.960 899,360 $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 oamining other manufacturing cost data, you have acquired additional information as followe 1 Inventory balances at the beginning and end of October wire October 1 October 31 Raw materials $20.160 $32.480 Work in process 22,400 156801 Finished goods 33.600 $6,000 2.Only 75% of the utilities experise and 60% of the insurance expense apply to factory operations. The remaining announs should b charged to selling and administrative activities