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Financial Statements of a Manufacturing Firm

The following events took place for Migliozzi Inc. during July, the first month of operations as a producer of road bikes:

Purchased $$308,000$ of materials

Used $$264,900$ of direct materials in production

Incurred $$228,000$ of direct labor wages

Applied factory overhead at a rate of $70\%$ of direct labor cost

Transferred $$626,400$ of work in process to finished goods

Sold goods with a cost of $$606,800$

Sold goods for $$1,086,200$

Incurred $$260,900$ of selling expenses

Incurred $$97,100$ of administrative expenses

Question Content Area

a$.$ Prepare the July income statement for Migliozzi. Assume that Migliozzi uses the perpetual inventory method.

Migliozzi Inc.

Income Statement

For the Month Ended July $31$

$$-$ Select $-$

$-$ Select $-$

$$-$ Select $-$

Selling and administrative expenses: blank blank

$$-$ Select $-$

$-$ Select $-$

blank

Total selling and administrative expenses blank fill in the blank $0$f$7$bdef$5205$bfbc$\_11$

$$-$ Select $-$

Question Content Area

b$.$ Determine the inventory balances at the end of the first month of operations.

Materials inventory, July $31$ $fill in the blank $34345$d$071$fa$5036\_1$

Work in process inventory, July $31$ $fill in the blank $34345$d$071$fa$5036\_2$

Finished goods inventory, July $31$ $fill in the blank $34345$d$071$fa$5036\_3$

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