eBook Print item Financial Statements of a Manufacturing Firm The following events took place for Migliozzl Inc. during July, the first month of operations as a producer of road bikes: Purchased $454,200 of materials Used $390,600 of direct materials in production Incurred $336,000 of direct labor wages Applied factory overhead at a rate of 70% of direct labor cost Transferred $923,300 of work in process to finished goods Sold goods with a cost of $899, 300 Sold goods for $1,609,700 Incurred $386,700 of selling expenses Incurred $143,900 of administrative expenses a. Prepare the July Income statement for Migliozzi, Assume that Millozat uses the perpetual inventory method. Migliozzl Inc Income Statement For the Month Ended July 31 Selling and administrative expenses Total selling and administrative expenses OD Incurred $386,700 of selling expenses Incurred $143,900 of administrative expenses a. Prepare the July income statement for Migliozal. Assume that Migliozzi uses the perpetual Inventory method. Migliozzi Inc. Income Statement For the Month Ended July 31 Selling and administrative expenses Total selling and administrative expenses b. Determine the inventory balances at the end of the first month of operations Materials inventory, July 31 Work in process inventory, July 31 Finished goods inventory, July 31