Financial Statements of a Manufacturing Firm The following events took place for Rockhaven Biwing tnc. during Februery, the first month of operations as a producer of road bikes: - Purchased 5503,600 of materias: - Used $433,100 of sirect materials in production. - Incutred $372,000 of direct labor wages - Appied factory overhead at a rate of 80% of direct labor cost. - Traniferred \$1,058,600 of work in process to finished goods: - Sold goods with a-cost of $1,007,200, - Revenues earned by selling bikes, $1,402,900 - Incurred \$433,100 of selling expenses. - Incurred-4161,200 of administrative expenses. a. Prepsre the income statement for Heckhaven Biking inci for the mohth ending rebruary 28. b. Determine the inventory balances on February 28 , the end of the first month of operations