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0 Used $329,000 of direct materials in production. - Incurred $160,000 of direct labor wages. , 0 Applied factory overhead at a rate of 80% of direct labor cost. 0 Transferred $590,000 of work in process to finished goods. 0 Sold goods with a cost of $550,000. 0 Sold goods for $918,000. 0 Incurred $132,500 of selling expenses. 0 Incurred $80,000 of administrative expenses. a. Prepare the July income statement for Bridger Bikes Inc. Assume that Bridger Bikes uses the perpetual inventory method. Bridger Bikes Inc. Income Statement For the Month Ended July 31, 20Y6 __________________. Cost of goods sold " 550,000 Gross profit V $ 368,000 Selling expenses V $ 132,500 Administrative expenses V 80,000 212,500 ' 55 500 Income from operations ' $- b Determine the inventory balances at the end of the first month of operations. Materials inventory Work-inprocess inventory $C: $CZ3 H/p/ Finished goods inventory u m 7 'iVh ' I nAllinl IQ Next