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 (t/f)