Obj. a. Operating incor. $155.500 ETO-19 Financial statements of a manufacturing firm The following events took place for Bridger Bikes Inc. during July 2046, the first month of operations, as a producer of road bikes Purchased $340,000 of materials tsed $329,000 of direct materials in production Incurred $160.000 of direct labor wages Applied factory overhead at a rate of 80% of direct labor cost. Transferred 5590,000 of work in process to finished goods. Sold goods with a cost of $550,000 Sold goods for $918,000. Incurred $132.500 of selling expenses. Incurred $80,000 of administrative expenses, Prepare the July income statement for Beldger Bikes Inc. Assume that Bridger Bikes uses the perpetual inventory method b. Determine the inventory balances at the end of the first month of operations