Type corporation recorded the following activities during its first months of operations

purchased materials costing $300000

used direct materials in production costing $280000

incurred direct labor costs of $220000 of which $190000 had actually been paid at the end of the month

applied manufacturing overhead at a rate of $25 per labor labor hour.(direct labor workers earns $16 per hours)

incurred actual manufacturing overhead cost of $333750

transferred completed jobs for $900000.the cost applied to the job sold total $620000

closed the manufacturing overhead account directly yo cost of goods sold at the end of the month

incurred selling and administrative cost of $130000 during the month

prepare Type corporation's income statement for its first month of operation.operation. Ignore income taxes

determine the company's inventory balances at the end of its first month of operations.