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uily Company is a manufacturer of smart phones. Its controiller resigned in October 2020. An inexperienced assistant accountant has prepared the following income statement for

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uily Company is a manufacturer of smart phones. Its controiller resigned in October 2020. An inexperienced assistant accountant has prepared the following income statement for the month of October 2020 For the Month Ended October 31, 2020 $794,100 Less: Operating expenses Raw materials purchases Direct labor cost Advertising expense Selling and administrative salaries Rent on factory facilities Depreciation on sales equipmen Depreciation on factory equipment Indirect labor cost URiities expense Insurance expense $264,800 188,800 92,100 76,400 62,900 45,800 2,900 29,100 12,900 8,300 814,000 $(19,900) 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 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: uily Company is a manufacturer of smart phones. Its controiller resigned in October 2020. An inexperienced assistant accountant has prepared the following income statement for the month of October 2020 For the Month Ended October 31, 2020 $794,100 Less: Operating expenses Raw materials purchases Direct labor cost Advertising expense Selling and administrative salaries Rent on factory facilities Depreciation on sales equipmen Depreciation on factory equipment Indirect labor cost URiities expense Insurance expense $264,800 188,800 92,100 76,400 62,900 45,800 2,900 29,100 12,900 8,300 814,000 $(19,900) 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 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

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