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national inc. delivers manufactures motorbikes. the following events took place during october 2013, the first month of operations as a producer of road bikes:
1. purchased $427,000 of materials.

2. used $367,500 of direct materials in production.

3. incurred $315,000 of direct labor wages.

4. applied factory overhead at a rate of 80% of direct labor costs.

5. transferred $892,500 of work in process to finished goods.

6. sold goods with a cost of $848,750.

7. sold goods for $1,500,000.

8. incurred $367,500 of selling expenses.

9. incurred $131,950 of administrative expenses.

a. assuming that national inc. uses the perpetual inventory method, prepare the october income statement.

b. determine the inventory balances at the end of the first month of operations.
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