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 $545,700 of materials. Used $469,300 of direct materials in production. Incurred $404,000 of direct labor wages. Applied factory overhead at a rate of 70% of direct labor cost. Transferred $1,109,900 of work in process to finished goods. . Sold goods with a cost of $1,091,400. Revenues earned by selling bikes, $1,953,600 Incurred $469,300 of selling expenses. Incurred $174,600 of administrative expenses. a. Prepare the income statement for Rushmore Biking Inc. for the month ending February 28. Assume that Rushmore Biking Inc, uses the perpetual in eBook 4 Show Me How Calculator Print Item Equivalent Units of Materials Cost The Rolling Department of Kraus Steel Company had 3,300 tons in beginning work in process inventory (40% complete) on October 1. During October, 54,200 tons were completed. The ending w tors (30% complete)