insurucuons The following events took place for Focault Inc. during July 20Y2, the first month of operations as a producer of road bikes: Purchased $396,730 of materials Used $343,310 of direct materials in production . Incurred $294,600 of direct labor wages Applied factory overhead at a rate of 74% of direct labor cost Transferred $816,250 of work in process to finished goods . Sold goods with a cost of $797,470 Sold goods for $1,409,300 Incurred $318,060 of selling expenses Incurred $120,840 of administrative expenses . . Required: A. Prepare the July income statement for Focauit. 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. Income Statement 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. Enter all amounts as a positive numbers. Focault Inc Income Statement (Label 1 2 3 4 (Label) Income Statement Inventory Balances d. Refer to the lis A. lounts as a posit! an B. Determine the inventory balances at the end of the first month of operations. Materials inventory, July 31 Work in process inventory, July 31 Finished goods inventory, July 31 $ $ 1 2 3 4 5 6