eBook Financial Statements of a Manufacturing Firm Instructions Accounts, Labels and Amount Descriptions X Instructions The following events took place for Migliozzi Inc, during July, the first month of operations as a producer of road bikes: Purchased $403,440 of materials Used $340,060 of direct materials in production Incurred $294.500 of direct labor wages Applied factory overhead at apate of 79% of direct labor cost Transferred $819,120 of work in process to finished goods Sold goods with a cost of $781,630 Sold goods for $1.402,470 Incurred $315,200 of selling expenses Incurred $127,070 of administrative expenses 701 Check My Work ancial Statements of a Manufacturing Firm Instructions Accounts, Labels and Amount Descriptions nstructions Inventory Balances Thi Shaded cells have feedbac b. Determine the inventory balances at the end of the first month of operations. $63,380 $ Materials inventory, July 31 Work in process inventory, July 31 Finished goods inventory, July 31 $37,490 Points: 2/3 Foodback Check My Work b. Set up Taccounts for materials, work in process, and finished goods inventory O Prom Check My Work etv A