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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 - Purchased $241,800 of materials. - Used $207,900 of direct materials in production. - Incurred $180,000 of direct labor wages. - Applied factory overhead at a rate of 75% of direct labor cost. - Transferred $502,000 of work in process to finished goods. - Sold goods with a cost of $481,200. - Revenues earned by selling bikes, $861,300. - Incurred $206,900 of selling expenses. - Incurred $77,000 of administrative expenses. a. Prepare the income statement for Rushmore Blking Inc, for the month ending February 28. Assume that Rushmor Check My Work a. Both product and period costs must be reported on the income statement and are necessary to measure Determine the inventory balances on February 28, the end of the first month of operations. Feedback Check My Work b. Set up T accounts for Materials Inventory, Work in Process Inventory, and Finished Goods Inventory acco