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 $330,000 of materials Used $298,700 of direct materials in production Incurred $85,900 of direct labor wages. Applied foctory overhead at a rate of 44% of direct labor cost. Transferred $400,600 of work in process to finished goods Sold goods with a cost of $381,200. Revenues earned by selling bikes, $630,700. Incurred $128,200 of selling expenses. Incurred $62,400 of administrative expenses a. Prepare the income statement for Rushmore Biking for the month ending February 28. Round your answers to the nearest dollar. Rushmore Biking Inc. Income Statement For the Month Ended February 28 Cost of Goods Sold Factory Overhead Administrative Expenses Selling and Administrative Expenses: Cost of Goods Sold Administrative Expenses Total Selling and Administrative Expenses Cost of Goods Manufactured b. Determine the inventory balances on February 28, the end of the first month of operations, Round your answers to the nearest dollar. Materials inventory, February 28 Work in process inventory, February 28 Finished goods Inventory, February 28