Business, 24.04.2020 04:17 MewsicBox9165

The following events took place for Bridger Bikes Inc. duringJuly 20Y6, the first month of operations, as a producer of roadbikes. Purchased $340,000 worth of materials. Used $329,000 of direct materials in production. Incurred $160,000 of direct labor wages. Applied factory overhead at a rate of 80% of direct laborcost. Transferred $590,000 of work in progress to finished goods. Sold goods with a cost of $550,000.Sold goods for $918,000.Incurred $132,500 of selling expenses. Incurred $80,000 of administrative expenses. a. Prepare the July income statement for Bridger BikesInc. Assume that Bridger Bikes uses the perpetualinventorymethod. b. Determine the inventory balances at the end of thefirst month of operations.

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The following events took place for Bridger Bikes Inc. duringJuly 20Y6, the first month of operation...

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