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 $314,900 of materials. Used $270,800 of direct materials in production. Incurred $232,000 of direct labor wages. Applied factory overhead at a rate of 80% of direct labor cost. Transferred $660,900 of work in process to finished goods. Sold goods with a cost of $620,400. Revenues earned by selling bikes, $1,110,500. Incurred $266,800 of selling expenses. Incurred $99,300 of administrative expenses. Question Content Area Determine the inventory balances on February 28, the end of the first month of operations