00 Book Financial Statements of a Manufacturing Firm The following events took place for Rushmare Bing Inc. during February, the first month of operations as a produrer of road Purchased $431,700 of materials Used $371,300 of direct materials in production Incurred $320.000 of direct labor wages Applied factory overhead at a rate of 20% of direct labor cost Transfered $870.700 of work in process to finished goods Said goods with a cost of $59,100 Revenues earned by selling bikes, $1.537,000 Insured $369,400 of selling expenses Incurred $137,500 of administrative expenses a. Prepare the income statement for Rushmore Biking Inc. for the month Revenues Rushmore Biking Inc. Income Statement For the Manth Ended February 28 Cost of goods weld Selling expatt Administrative Operating income 00 000 00 February 28. Assume that Rahnee Bang PARTY SIZE ET WT 13 02 (368.5