Financial Statements of a Manufacturing Firm The following events took place for Rockhaven Biking Inc. during February, the first month of operations as a producer of road bikes: - Purchased $323,000 of materials. - Used $277,800 of direct materials in production. - Incurred $240,000 of direct labor wages. - Applied factory overhead at a rate of 75% of direct labor cost. - Transferred $669,900 of work in process to finished goods. - Sold goods with a cost of $636,300. - Revenues earned by selling bikes, $1,139,000. - Incurred $273,600 of selling expenses. - Incurred $101,800 of administrative expenses Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. b. Determine the inventory balances on february 28 , the end of the first month of operations. Foodback r Check My Work. b. Set.up T accounts for Materials Inventory, Work in Process Inventory, and Finished Goods Inventory accounts