The following events took place for Foucault Inc. during July 20Y2, the first month of operations as a producer of road bikes: a. Purchased $198,500 of materials
b. Used $170,700 of direct materials in production
c. Incurred $148,000 of direct labor wages
d. Applied factory overhead at a rate of 80% of direct labor cost
e. Transferred $419,600 of work in process to finished goods
f. Sold goods with a cost of $393,000
g. Sold goods for $703,500
h. Incurred $169,000 of selling expenses
i. Incurred $62,900 of administrative expenses

Requried:
Prepare the July income statement for Focault. Assume that Focault uses the perpetual inventory method.