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 $460,000 of materials. Used $416,400 of direct materials in production. Incurred $119,800 of direct labor wages. Applied factory overhead at a rate of 31% of direct labor cost. Transferred $543,700 of work in process to finished goods. Sold goods with a cost of $517,400. Revenues earned by selling bikes, $856,000. Incurred $174,100 of selling expenses. Incurred $84,600 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. X Open spreadsheet a. Prepare the income statement for Rushmore Biking for the month ending February 28. Round your answers to the nearest dollar.