The following events took place for Bridger Bikes Inc. during July 20Y6, the first month of operations, as a producer of road bikes:

The following events took place for Bridger Bikes Inc. during July 2016, the first month of operations, as a producer of road bikes: . Purchased $595,300 of materials. Used $512,000 of direct materials in production. Incurred $440,000 of direct labor wages. Applied factory overhead at a rate of 75% of direct labor cost. Transferred $1,230,700 of work in process to finished goods. Sold goods with a cost of $1,172,700. Sold goods for $2,099,100. Incurred $504,300 of selling expenses. Incurred $187,600 of administrative expenses. . . a. Prepare the July income statement for Bridger Bikes Inc. Assume that Bridger Bikes uses the perpetual inventory method. Bridger Bikes Inc. Income Statement For the Month Ended October 31, 2016 $ b. Determine the inventory balances at the end of the first month of operations. Materials inventory $ Work in process inventory $ Finished goods inventory $