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) $ 784,900 Less: Operating expenses Raw materials purchases $264,950 Direct labour cost 190,700 Advertising expense 89,600 Selling and administrative salaries 74,650 Rent on factory facilities 60,250 Depreciation on sales equipment 44,250 Depreciation on factory equipment 31,400 Indirect labour cost 28,800 Utilities expense 12,900 Insurance expense 8,550 806,050 Net Loss $(21,150) Prior to October 2020, the company had been profitable every month. The companys 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 $6,650 $29,750 Work in process 16,150 14,800 Finished goods 30,350 45,450 2. Only 74% of the utilities expense and 52% 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 Raw Materials Inventory, October 1 $ Raw Materials Purchases Raw Materials Inventory, October 31 $ Total Raw Materials Available for Use : Manufacturing Overhead Rent on Factory Facilities $ Depreciation on Factory Equipment Indirect Labour : $ eTextbook and Media Prepare a correct income statement for October 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) TOMBERT COMPANY Income Statement $ $ : $