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View Policies Current Attempt in Progress Tombert Company is a manufacturer of computers. Its controller resigned in October 2020. An inexperienced assistant accountant has prepared the following income statement for the month of October 2020 TOMBERT COMPANY Income Statement For the Month Ended October 31, 2020 Sales (net) $782.800 Less: Operating expenses Raw materials purchases $264,450 Direct labour cost 190.000 89,050 74.150 60.500 Advertising expense Selling and administrative salaries Rent on factory facilities Depreciation on sales equipment Depreciation on factory equipment Indirect labour cost 44,800 31.600 28,300 Utilities expense 12.500 Insurance pense 8,100 803 950 Net Loss $121.150 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 his friend, he has asked you to review the income statement and make necessary corrections. After camining other manufacturing cost data, you have acquired the following additional information 1. Inventory balances at the beginning and end of October were as follows October 1 October 31 Raw materials $17.850 $29,800 Work in proces 26.350 14.800 Finished goods 30.600 45.550 2. Only 71% of the utilities expense and 54% of the insurance expense apply to factory operations. The remaining amounts should be charged to selling and administrative activities Prepare a schedule of the cost of goods and actured for October 2020 TOMBERT COMPANY Cost of Goods Manufactured Schedule For the Month Ended October 31, 2020 Work in Provery October V Cost of Good Manufactured > Raw Materialer October 1 $ 17850 > Add > $ > > S > V > > V c To book and Media Prepare a correct income statement for October 2020. (Enter negative amounts using either o negative sign preceding the number 45 or parenthessee (450) TOMBERT COMPANY Income Statement a > $