Prepare the july income statement for migliozzi

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Reference no: EM133560858

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 $466,500 of materials
Used $401,200 of direct materials in production
Incurred $344,000 of direct labor wages
Applied factory overhead at a rate of 70% of direct labor cost
Transferred $946,600 of work in process to finished goods
Sold goods with a cost of $923,700
Sold goods for $1,653,400
Incurred $397,200 of selling expenses
Incurred $147,800 of administrative expenses

Question: Prepare the July income statement for Migliozzi. Assume that Migliozzi uses the perpetual inventory method.

Reference no: EM133560858

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