a$.$ Prepare the income statement for Rockhaven Biking Inc. for the month ending February $28.$

Rockhaven Biking Inc.

Income Statement

For the Month Ended February $28$

Selling and administrative expenses:

$

Total selling and administrative expenses

b$.$ Determine the inventory balances on February $28,$ the end of the first month of operations.

Materials inventory, February $28$

$

Work in process inventory, February $28$

Finished goods inventory, February $28$The following events took place for Rockhaven Biking Inc. during February, the first month of operations as a producer of road bikes:

$$ Purchased $$197,500$ of materials.

$$ Used $$169,900$ of direct materials in production.

$$ Incurred $$148,000$ of direct labor wages.

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

$$ Transferred $$404,600$ of work in process to finished goods.

$$ Sold goods with a cost of $$395,000.$

$$ Revenues earned by selling bikes, $$707,100.$

$$ Incurred $$169,900$ of selling expenses.

$$ Incurred $$63,200$ of administrative expenses.

Question Content Area

a$.$ Prepare the income statement for Rockhaven Biking Inc. for the month ending February $28.$

Rockhaven Biking Inc.

Income Statement

For the Month Ended February $28$

Line Item Description Amount Amount

$$-$ Select $-$

$-$ Select $-$

$$-$ Select $-$

Selling and administrative expenses: blank blank

$$-$ Select $-$

$-$ Select $-$

blank

Total selling and administrative expenses blank Total selling and administrative expenses

$$-$ Select $-$

Question Content Area

b$.$ Determine the inventory balances on February $28,$ the end of the first month of operations.

Materials inventory, February $28$ fill in the blank $1$ of $

Work in process inventory, February $28$ fill in the blank $2$ of $

Finished goods inventory, February $28$ fill in the blank $3$ of $