Financial Statements of a Manufacturing Firm The following events took place for Focault Inc. during July 20Y2, the first month of operations as a producer of road bikes - Purchased $431,000 of materials - Used $370,700 of direct materials in production - Incurred $320,000 of direct labor wages - Applied factory overhead at a rate of 75% of direct labor cost - Transferred $893,500 of work in process to finished goods - Sold goods with a cost of $853,400 - Sold goods for $1,527,600 - Incurred $367,000 of selling expenses - Incurred $136,500 of administrative expenses a. Prepare the July income statement for Focault. Assume that Focault uses the perpetual inventory method. Feedbsck Cheak Mr Work b. Determine the inventory balances at the end of the first month of operations