part B please!

Financial statements of a manufacturing firm The following events took place for Migliozzi Inc. during July, the first month of operations as a producer of road bikes: - Purchased $416,000 of materials - Used $358,000 of direct materials in production - Incurred $308,000 of direct labor wages - Applied factory overhead at a rate of 75% of direct labor cost - Transferred $851,000 of work in process to finished goods - Sold goods with a cost of $806,000 - Sold goods for $1,460,000 - Incurred $328,000 of selling expenses - Incurred $131,000 of administrative expenses a. Prepare the July income statement for Migliozzi. Assume that Migliozzi-uses the perpetual inventory method. Feedback Check.My Work b. Determine the inventory balances at the end of the first month of operations