Financial Statements of a Manufacturing Firm The following events took place for Focault Inc. during July 20Y2, the first month of operations as a producer of road bikes: Purchased $329,000 of materials Used $282,900 of direct materials in production Incurred $244,000 of direct labor wages Applied factory overhead at a rate of 75% of direct labor cost Transferred $681,500 of work in process to finished goods Sold goods with a cost of $654,700 Sold goods for $1,171,900 Incurred $281,500 of selling expenses Incurred $104,800 of administrative expenses a. Prepare the July income statement for Focault. Assume that Focault uses the perpetual inventory method. Focault Inc. Income Statement For the Month Ended July 31, 20Y2 $fill in the blank 317f7cf97fa4045_2 fill in the blank 317f7cf97fa4045_4 $fill in the blank 317f7cf97fa4045_6 Selling and administrative expenses: $fill in the blank 317f7cf97fa4045_8 fill in the blank 317f7cf97fa4045_10 Total selling and administrative expenses fill in the blank 317f7cf97fa4045_11 $fill in the blank 317f7cf97fa4045_13 b. Determine the inventory balances at the end of the first month of operations. Materials inventory, July 31 $fill in the blank 4796db0b5ff1040_1 Work in process inventory, July 31 $fill in the blank 4796db0b5ff1040_2 Finished goods inventory, July 31 $fill in the blank 4796db0b5ff1040_3 Check My Work