The following events took place for Focault Inc. during July 20Y2, the first month of operations as a produ - Purchased $272,500 of materials - Used $234,400 of direct materials in production - Incurred $200,000 of direct labor wages - Applied factory overhead at a rate of 70% of direct labor cost - Transferred $551,400 of work in process to finished goods - Sold goods with a cost of $542,300 - Sold goods for $970,700 - Incurred $233,200 of selling expenses - Incurred $86,800 of administrative expenses a. Prepare the July income statement for Focault. Assume that Focault uses the perpetual inventory met Feedback Check My Work a. Both product and period costs must be reported on the income statement and are necessary to b. Determine the inventory balances at the end of the first month of operations