Financial Statements of a Manufacturing Firm The following events took place for Bridger Bikes Inc. during July 20Y6, 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 $147,600 of administrative expenses. . . . b. Determine the inventory balances at the end of the first month of operations. Materials invetory Work in process inventory Finished goods inventory $