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 $320,000 of materials Used $275,000 of direct materials in production Incurred $236,000 of direct labor wages Applied factory overhead at a rate of 75% of direct labor cost Transferred $652,000 of work in process to finished goods Sold goods with a cost of $630,000 Sold goods for $1,120,000 Incurred $252,800 of selling expenses Incurred $100,000 of administrative expenses a. Prepare the July income statement for Focault. Assume that Focault uses the perpetual inventory method. Focault Inc.