Financial Statements of a Manufacturing Firm The following events took place for Rushmore ting Inc, during February, the flast month of operations as a producer of road bikes Purchased $55.900 of materials Used $400,500 of direct materials in production Incurred $400,000 of direct labor wages Applied factory overhead start of 70% of direct labor cost Transferred 1.110,000 of work in process to finished goods Sold goods with a cost of $1,000,000 Revenues cated by bing bike 11,044,500 Incurned $167.100 of selling expenses Incurred $123,000 of administrative pene a. Prepare the income statement for showing inc. for the month anding February 20. A that more in the metaller on the Husmore liking the Income Statement For the Month Ended February 20 Selling and administrative expenses . lncurred $467,100 of selling expenses Incurred $175,100 of administrative expenses. 1. Prepare the income statement for Rushmore on Inc. for the month ending February 28. Assume that Rushmore Bng Inc. was the perpetuat inventory method Kustmore Biking Inc. Income Statement For the Month Ended February 28 seling and administrative expenses Total setting and administrative expenses b. Determine the inventory balances on February 20, the end of the list month of operation Materials inventory, February 28 Work in process inventory, February 28 Bished Goods inventory February 20