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 $280,800 of materials. Used $241,500 of direct materials in production. Incurred $208,000 of direct labor wages. Applied factory overhead at a rate of 75% of direct labor cost. Transferred $581,300 of work in process to finished goods. Sold goods with a cost of $553,200. Revenues earned by selling bikes, $990,200. Incurred $237,900 of selling expenses. Incurred $88,500 of administrative expenses.

b. Determine the inventory balances on February 28, the end of the first month of operations.

Materials inventory, February 28	$fill in the blank 17f23af64fdbffe_1
Work in process inventory, February 28	$fill in the blank 17f23af64fdbffe_2
Finished goods inventory, February 28	$fill in the blank 17f23af64fdbffe_3