HELP ASAP PLEASE

Finandal 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 ro - Purchased $450,000 of materials. - Used $423,200 of direct materials in production. - Incurred $127,000 of direct labor wages. - Applied factory overhead at a rate of 30% of direct labor cost. - Transferred $565,000 of work in process to finished goods. - Sold goods with a cost of $520,000. - Revenues eamed by selling bikes, $935,000. - Incurred $180,000 of selling expenses. - Incurred $95,000 of administrative expenses. a. Prepare the income statement for Rockhaven Biking Inc. for the month ending February 28. Feechack F Check My Work a. Both product and period costs must be reported on the income statement and are necessary to measure net operating b. Determine the inventory balances on February 28 , the end of the first month of operations