If The following events took place for Focault Inc. during July 20Y2, the first month of operations as a producer of road bikes:

Purchased $396,010 of materialsUsed $340,050 of direct materials in productionIncurred $294,400 of direct labor wagesApplied factory overhead at a rate of 76% of direct labor costTransferred $812,120 of work in process to finished goodsSold goods with a cost of $791,220Sold goods for $1,404,390Incurred $316,650 of selling expensesIncurred $126,730 of administrative expensesRequired:A.Prepare the July income statement for Focault. Assume that Focault uses the perpetual inventory method. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries.B.Determine the inventory balances at the end of the first month of operations.