can someone solve number 2 with cell reference please

2 Congratulations, you have accepted a new position as the assistant 3 controller with Buzz manufacturing! The controller, Tanya McDougall, has 4 recently taken a 6 week medical leave. In her absence, Ben Hur, the financial 5 accounting clerk, who has little experience in manufacturing accounting, prepared 6 the following draft income statement for August. 7 Buzz Company 8 Income Statement 9 For the month ended August 31 10 Sales $1,694,000 11 Less: Operating expenses 12 Advertising $188,000 13 Depreciation, factory equipment 113,000 14 Depreciation, sales equipment 111,000 15 Direct labour 199,000 16 Indirect labour 219,000 17 Insurance 110,000 18 Maintenance, factory 18,000 19 Purchases of raw materials 309,000 20 Rent on facilities 140,000 21 Selling and administrative salaries 139,000 22 Utilities costs 155,000 1,701,000 23 Operating income (loss) $ (7,000) 24 25 Knowing that you have recently completed a managerial accounting course at 26 Algonquin college, the president of Buzz manufacturing has asked you the review 27 the accuracy of their draft income statement. 28 Additional information about the company follows: 29 a. Only 90% of the rent on facilities applies to factory operations, the remain- 30 der applies to selling and administrative activities. 31 h. Some 85% of the insurance and 75% of the utilities.cost 12.A D E 34 36 90% 10% 26 Algonquin college, the president of Buzz manufacturing has asked you the review 27 the accuracy of their draft income statement. 28 Additional information about the company follows: 29 a. Only 90% of the rent on facilities applies to factory operations, the remain- 30 der applies to selling and administrative activities 31 b. Some 85% of the insurance and 75% of the utilities cost apply to factory 32 operations, the remaining amounts apply to selling and administrative activities. 33 Allocation of Rent on facilities 35 Factory operations Selling and administrative expense 37 Allocation of Insurance 38 Factory operations 39 Selling and administrative expense 40 Allocation of Utilities 41 Factory operations 42 Selling and administrative expense 43 44 c. Inventory balances at the beginning and end of August 45 are provided below: 46 47 Raw materials inventory, August 1 48 Raw materials inventory, August 31 49 Work in process inventory, August 1 50 Work in process inventory, August 31 51 Finished goods inventory, August 1 52 Finished goods inventory, August 31 53 54 Cost of goods manufactured 55 85% 15% 75% 25% $ 22.000 46,000 80,000 94,000 25.000 166,000 ? G M 2. As a second step, prepare a new income statement for the month. Buzz Company Income Statement For the Month Ended August 31 Sales Cost of goods sold: Cost of goods available for sale Cost of goods sold Gross margin Selling and administrative expenses: Total selling and administrative expenses: Operating income