Financial Statements of a Manufacturing Firm The following events took place for Rushmore Biging finc, dunng fehruary, the tirst month of aperations as a proodicer of road bikes: - Purchased 5480,000 of materials - Used 5434,500 of direct materials ir productoon. - Incurred \$125,000 of direct labor wapes. - Apphied factory overhend at a rate of 40% of direct labor cust. - Transferred 5978,000 of work in process to finished goods. - Sold goods with a cost of $550,000. - Reveriues earned by selling bikes, $910,000. - Incurred $185,000 of selling expenses - Incurred $90,000 of administrative expenses