Financial Statements of a Manufacturing Firm The following events topk place for Migliozzi Inc, during July, the first menth of pperations as a producer of road bikes: - Purchased 5472,700 af materials - Used $406,500 of direct materials in production - Incurred 5348,000 of direct labor wages - Applied factary overhead at a rate or 70% or direct labor cost - Transterred \$95B, 200 of work in process to finished goods - Sold gouds with a cast of $945,400 - Sold goods for $1,692,300 - Incurred $406,500 of selling expenses - Incurred 5151,300 or administrative expenses