Tyge Corporation recorded the following activities during its first month of operations: - Purchased materials costing $300,000. - Used direct materials in production costing $280,000. - Incurred direct labor costs of $220,000, of which $190,000 had actually been paid at the end of the month. - Applied manufacturing overhead at a rate of $25 per direct labor hour. (Direct labor workers earn $16 per hour.) - Incurred actual manufacturing overhead costs of $333,750. - Transferred completed jobs costing $675,000 to finished goods. - Sold completed jobs for $900,000. The cost applied to the jobs sold totaled $620,000. - Closed the Manufacturing Overhead account directly to Cost of Goods Sold at the end of the month. - Incurred selling and administrative costs of $130,000 during the month. Required: a. Prepare Tyge Corporation's income statement for its first month of operations. Ignore income taxes. b. Determine the company's inventory balances at the end of its first month of operations