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 $360,000 of materials. - Used $325,900 of direct materials in production. - Incurred $93,700 of direct labor wages. - Applied factory overhead at a rate of 45% of direct laber cost. - Transferred $437,900 of work in process to finished goods. - Sold goods with a cost of $416,700. - Revenues earned by selling bikes, \$689,400. - Incurred $140,200 of selling expenses. - Incurred $68,200 of administrative expenses. 2. Prepare the income statement for Rushmore Biking for the month ending February 28. Round your answers to the nearest dollar. b. Determine the inventory balances on February 28 , the end of the first month of operations. Round your answers to the nearest dollar Materials inventory, February 28 Work in process inventory, February 28$ Finished goods inventory, February 28$