Financial Statements of a Manufacturing Firm

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

$$ Purchased $$400,000$ of materials.

$$ Used $$362,100$ of direct materials in production.

$$ Incurred $$104,200$ of direct labor wages.

$$ Applied factory overhead at a rate of $48\%$ of direct labor cost.

$$ Transferred $$489,600$ of work in process to finished goods.

$$ Sold goods with a cost of $$465,900.$

$$ Revenues earned by selling bikes, $$770,800.$

$$ Incurred $$156,700$ of selling expenses.

$$ Incurred $$76,200$ of administrative expenses.

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.

Financial Statements of a Manufacturing Firm

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

Financial Statements of a Manufacturing Firm

The following events took place for Rockhaven Biking Inc. during February, the first month of operations as a

REQUIRED:

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