Determine the amount of the missing items by completing the inventory flow "template" and income statement.

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Here is what I have so far for an example, please correct what is wrong.

Athens Company

Income Statement

For the Month Ended Oct. 31^st

Sales $1,675,500

-Cost of Goods Sold (1,051,500)

Gross Profit $624,000

-Operating Expenses (240,000)

Net Income $384,000

Finished Goods (FG) Inventory

Beginning InventoryFinished Goods $204,000

+Cost of Goods Manufactured 1,024,500

Goods Available for Sale $1,228,500

-Ending InventoryFinished Goods (177,000)

Cost of Goods Sold $1,051,500

Work-in-Process (WIP) Inventory

Beginning InventoryWork in Process $442,500

+Direct Material (used) ($149,800)

+Direct Labor $705,200

+Manufacturing Overhead 180,000

Goods Available $1,477,500

-Ending InventoryWork in Process (451,000)

Cost of Goods Manufactured $1,026,500

Raw Material (RM) Inventory

Beginning InventoryRaw Material $177,000

+Purchases $342,000

Goods AvailableRaw Material $155,300

-Ending InventoryRaw Material ($180,000)

Direct Material used $149,800

Thank you.

Athens Co. $178,000 177,000 180,000 342,000 x Actual manufacturing overhead o Raw materials, Oct. 1 Raw materials, Oct. 31 . Materials purchased DM used in production Direct labor Manufacturing overhead incurred Total manufacturing costs incurred 180,000 1,035,000 442,500 - Work-in-process, Oct. 1 o Work-in-process, Oct. 31 , Cost of goods manufactured 1,024,500 204,000 Finished goods, Oct. 1 Finished goods, Oct. 31 Sales Cost of goods sold Gross profit Operating expenses Net income 1,675,500 1,051,5000 384,000