a. Prepare the income statement for Rushmore Biking for the month ending February 28. Round your am Rushmore Biking Inc. Income Statement For the Month Ended February 28 Revenues Cost of Goods Sold Gross Profit 708,600 428,300 280,300 Selling and Administrative Expenses: Selling Expenses 144,100 Administrative Expenses 70,100 Total Selling and Administrative Expenses 214,200 Operating Income 66,100 b. Determine the inventory balances on February 28, the end of the first month of operations. Round your ans Materials inventory, February 28 Work in process inventory, February 28 $ Finished goods inventory, February 28 $ 36,000 Feedback