Tombert Company is a manufacturer of computers. Its controller resigned in October 2020. An inexperienced assistant accountant has prepared the following income statement for the month of October 2020. TOMBERT COMPANY Income Statement For the Month Ended October 31, 2020 Sales (net) $ 780,200 Less: Operating expenses Raw materials purchases $264,850 Direct labour cost 190,400 Advertising expense 89.900 Selling and administrative salaries 74,300 Rent on factory facilities 60,800 Depreciation on sales equipment 44,950 Depreciation on factory equipment 31,200 Indirect labour cost 28.650 Utilities expense 12,500 Insurance expense 8,750 806.300 Net Loss $(26,100) Prior to October 2020, 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 statement and make necessary corrections. After examining other manufacturing cost data, 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 $4,100 $29,950 Work in process 16,050 14,850 Finished goods 30,450 45,200 2. Only 79% of the utilities expense and 56% of the insurance expense apply to factory operations. The remaining amounts should be charged to selling and administrative activities. Prepare a schedule of the cost of goods manufactured for October 2020. TOMBERT COMPANY Cost of Goods Manufactured Schedule For the Month Ended October 31, 2020 $ $ $ : $ $ Prepare a correct income statement for October 2020. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).) TOMBERT COMPANY Income Statement $ $ $ A A A A | $