Tamarisk 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.

Tamarisk Company Income Statement For the Month Ended October 31, 2022
Sales revenue					$748,800
Less:	Operating expenses
	Raw materials purchases		$253,440
	Direct labor cost		182,400
	Advertising expense		86,400
	Selling and administrative salaries		72,000
	Rent on factory facilities		57,600
	Depreciation on sales equipment		43,200
	Depreciation on factory equipment		29,760
	Indirect labor cost		26,880
	Utilities expense		11,520
	Insurance expense		7,680		770,880
Net loss					$(22,080)

Prior to October 2022, the company had been profitable every month. The companys 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:

		October 1		October 31
Raw materials		$17,280		$27,840
Work in process		19,200		13,440
Finished goods		28,800		48,000

2. Only 75% of 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 correct income statement for October 2022.