I have started this problem but I do not know if I am doing it right. Could you walk me through how to do this please? Thanks

5 Coronado Company is a manufacturer of smart phones. Its controller resigned in October 2020. An inexperienced assetent accountant has prepared the folowing income statement for the month of October 2020 CORONADO COMPANY Income Statement For the Month Ended October 31, 2020 Sales revenue $794,300 Less Operating expenses Raw materials purchases $264,700 Direct labor cost 192,009 Advertising expense 92,000 Selling and administrative salaries 76,109 Rert on factory facilitics 52,309 Depreciation on sales equipment 44,103 Depreciation on factory equipment 32,909 Indirect labor cost 28,405 Utilities expense 12,600 Insurance expense 9,600 813.700 $19,400) Prior to October 2020, the company has 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 exemining other manufacturing cost data, you have acquired additional information as talows. 1. Errentery blance at the beginning and wc of October October October 11 Raw materials $19,200 535.00 Work in pro 19,6cc 14,300 Finished geeds 29, SCC 53,500 2. Chl: 75% of the utilities and 60% of timur purwapy tu lectury operation. Trumaniny amount odd Lercherged to selling and acinistrativ solvities Prepare a schedule of cost of good man cure for October 2020 CORONADO COMPANY Cost of Good Manufactured Schedule For the Mouth Finderd October 11, 2020 19.cc Work in Pro Trvanitary, October 1 Direct Materials used Raw Material mentory, October 1 Towel Raw Materiels Available for Uw 19.100 283,800 Add. Raw Materials Purchase 264,700 Prepare a correct income statement for October 2020. CORONADO COMPANY Income Statement $