Tombert Company is a manolacturer of computers. Its controller resigned in October 2016. An inexperienced assistant accountant has prepared the following income statement for the month of October 2016 TOMBERT COMPANY Income Statement For the Month Ended October 31, 2016 Sales (net) $750,900 Less: Operating expendies Raw materials purchases $264,650 Direct labour cost 190,350 Advertising expense 90,000 Selling and administrative salaries 74,700 Rent on factory facilities 60,900 Depreciation on sales equipment 45,000 Depreciation on factory equipment 31,500 Indirect labour cost 28,700 Uutis expense 12,650 Insurance expense 8,950 807,400 Net Loss $(23,500) Prior to October 2016, the company had been profitable every month. The company's president is concerned about the accuracy of the income statement. As his friend, he has asked you to review the income Matement and make necessary corrections. After examining other manufacturing cost date, you have acquired the following additional information 1. Inventory balances at the beginning and end of October were as follows: October 1 October 31 Raw materials $9,700 $29,950 Work in process 16,350 14,550 Finished goods 30,200 45,950 2. Only 71% of the utilities expense and 58% of the insurance expense apply to factory operations. The remaining amounts should be charged to selling and administrative activities Calculate the following: Prepare a schedule of the cost of goods manufactured for October 2016. (Round answers to decimal places, ag. 125.) TOMBERT COMPANY Cost of Goods Manufactured Schedule For the Month Ended October 31, 2016 Prepare a correct income statement for October 2016. (Hound answers to decimal places, eg. 125. Enter negative amounts using either a negative sin preceding the number ... -45 or parentheses ... (45).) TOMBERT COMPANY Income Statement For the Month Ended October 31, 2016