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 $285,400 of materials Used $245,400 of direct materials in production Incurred $212,000 of direct labor wages . Applied factory overhead at a rate of 75% of direct labor cost Transferred $591,700 of work in process to finished goods Sold goods with a cost of $565,100 . Sold goods for $1,011,500 Incurred $243,000 of selling expenses Incurred $90,400 of administrative expenses