Inventory balances at the beginning and end of October were: Raw materials October 1 18,000 October...

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Inventory balances at the beginning and end of October were: Raw materials October 1 18,000 October 31 $29.000 Heading 2 Work in process Finished goods 20,000 14,000 30,000 50,000 Only 75% of the utilities expense and 60% of the insurance expense apply to factory operations. The remaining amounts should be charged to selling and administrative activities. Prompt Work with your group members to answer the following prompts: 1. Prepare a schedule of cost of goods manufactured for October 20X2. (Assume that all raw materials used were direct materials.) 2. Prepare a correct income statement for October 20X2. Inventory balances at the beginning and end of October were: Raw materials October 1 18,000 October 31 $29.000 Heading 2 Work in process Finished goods 20,000 14,000 30,000 50,000 Only 75% of the utilities expense and 60% of the insurance expense apply to factory operations. The remaining amounts should be charged to selling and administrative activities. Prompt Work with your group members to answer the following prompts: 1. Prepare a schedule of cost of goods manufactured for October 20X2. (Assume that all raw materials used were direct materials.) 2. Prepare a correct income statement for October 20X2.