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 $400,000 of materials Used $43,500 of direct materials in production Incurred $127.600 of direct labor wages Applied factory overhead at a rate of 50% of direct labor cost. Transferred $602,100 of work in process to finished goods. Sold goods with a cost of $573,000. Revenues earned by selling bikes, $948,000 Incurred $192,800 of selling expenses. Incurred $93,700 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. Open spreadsheet a. Prepare the income statement for Rushmore Bloing for the month ending February 28. Round your answers to the nearest dollar. Rushmore Biking Inc. Income Statement For the Month Ended February 28 Check My Work 3 more Check My Work uses remaining Previous Open spreadsheet 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 Selling and Administrative Expenses: Total Selling and Administrative Expenses 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 $ ched M ackmore Check My Work uses remaining 1 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: 50% DATA 6 Matonals purchased $490.000 7 Direct materials 443,500 8 Direct labor 127.000 9 Factory overhead rate of direct labor cost 10 Transferred work in process to finished goods 602.100 11 Cost of sold goods 573,000 12 Revenues earned by selling bikes 948,000 13 Selling expenses 192,800 14 Administrative expenses 93,700 15 Select the corresponding accounts in the dropdowns in cells B21:B23, B25:B26, B28. Using formulas and cell references, perform the required analysis, and input your answers into the C and D columns. Transfer the numeric results for the green entry cells (D21:023, C25 C26, D27 D28, 16 C30:C32) into the appropriate fields in CNOWV2 for grading Rushmore B king Inc. Income Statement For the Month Ended February 28 Formulas UNU