Financial Statements of a Manufacturing Firm The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: - Purchased $437,400 of materials. - Used $376,200 of direct materials in production. - incurred $324,000 of direct labor wages. - Applied factory overhead at a rate of 80% of direct labor cost. - Transferred $921,000 of work in process to finished goods. - Sold goods with a cost of $861,700. - Revenues earned by selling bikes, $1,542,400. - Incurred $370,500 of selling expenses. - Incurred $137,900 of administrative expenses. b. Determine the inventory baiances on February 28 , the end of the first month of operations