Financial Statements of a Manufacturing Firm The following events took place for Bridger Bikes Inc. during July 2016, the first month of operations, as a producer of road bikes: Purchased $461,300 of materials. Used $396,700 of direct materials in production. Incurred $340,000 of direct labor wages. Applied factory overhead at a rate of 75% of direct labor cost. Transferred $952,000 of work in process to finished goods. Sold goods with a cost of $922,600. Sold goods for $1,651,500. Incurred $396,700 of selling expenses. Incurred $147,500 of administrative expenses. a. Prepare the July income statement for Bridger Bikes Inc. Assume that Bridger Bikes uses the perpetual inventory method. Bridger Bikes Inc. Income Statement For the Month Ended October 31, 20Y6 8 Cash Finished goods Gross profit Income from operations Revenues Purchased $461,300 of materials. Used $396,700 of direct materials in production. Incurred $340,000 of direct labor wages. Applied factory overhead at a rate of 75% of direct labor cost. Transferred $952,000 of work in process to finished goods. Sold goods with a cost of $922,600. Sold goods for $1,651,500. Incurred $396,700 of selling expenses. administrative expenses. Cash Cost of goods sold he statement for Bridger Bikes Inc. Assume that Bridger Bikes uses the perpetual inventor kes Inc. Income from operations atement Materials October 31, 20Y6 Selling expenses