Calculating the Cost of Jobs, Making Journal Entries, and Preparing an Income Statement.Racing Bikes, Inc., produces custom bicycles for professional racers. Each bike is built to customer specifications. During July, its first month of operations, Racing Bikes began production of four customer orders?jobs 1 through 4. The following transactions occurred during July.

1. Purchased bike parts totaling $14,400
2. Processed material requisitions for the following items:
3.