Question 30 Bolton Inc. began business in July 2019. The following transactions occurred during the month of July: a. Began production on a total 400 tablets. b. Purchased $500,000 of raw materials for making tablets. c. Transferred $100,000 of raw materials to the production floor to begin production. d. Paid factory workers $300,000 during the month. e. Paid utilities and rent of $10,000 related to the factory operations. f. Used $5,000 of spare parts to build the tablets. g. Finished making all of the tablets and transferred them to the warehouse, awaiting shipment. h. Shipped and sold 300 tablets to the customer and billed them for $750,000. Assume that 100% of manufacturing overhead costs was applied. Determine the operating income for the month of July assuming there were no other expenses. Question 31