Financial statements of a manufacturing firm The following events took place for Migliozzi Inc. during July, the first month of operations as a producer of road bikes: Purchased $416,000 of materials Used $358,000 of direct materials in production Incurred $308,000 of direct labor wages Applied factory overhead at a rate of 75% of direct labor cost Transferred $851,000 of work in process to finished goods Sold goods with a cost of $806,000 Sold goods for $1,460,000 Incurred $328,000 of selling expenses Incurred $131,000 of administrative expenses Question Content Area a. Prepare the July income statement for Migliozzi. Assume that Migliozzi uses the perpetual inventory method. Migliozzi Inc. Income Statement For the Month Ended July 31