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 $450,000 of materials. - Used $407,300 of direct materials in production. - Incurred $117,200 of direct labor wages. - Applied factory overhead at a rate of 41% of direct labor cost. - Transferred $543,000 of work in process to finished goods. - Sold goods with a cost of $516,700. - Revenues earned by selling bikes, \$854,900. - Incurred $173,800 of selling expenses. - Incurred \$84,500 of administrative expenses. This information has been collected in the Microsof Excel Online file. Open the spreadiheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Prepare the income statement for Rockhaven Biking Inc. for the month ending Fobruary 28 a. Prepare the income statement for Rockhaven Biking Inc, for the month endina February 28