Hi, I am solving this homework and I am making some mistakes. please help me. I have circled in the picture the parts I am missing out on parts for help and need help to solve.
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 $244,700 of materials. Used $210,400 of direct materials in production. Incurred $180,000 of direct labor wages. Applied factory overhead at a rate of 70% of direct labor cost. Transferred $495,700 of work in process to finished goods. Sold goods with a cost of $489,400. Revenues earned by selling bikes, $876,000. Incurred $210,400 of selling expenses. Incurred $78,300 of administrative expenses. a. Prepare the income statement for Rushmore Biking Inc. for the month ending February 28. Assume that Rushmore Biking Inc. uses the perpetual inventory method. Rushmore Biking Inc. Income Statement For the Month Ended February 28 Selling and administrative expenses: Incurred $78,300 of administrative expenses. a. Prepare the income statement for Rushmore Biking Inc. for the month ending February 28. Assume that Rushmore Biking Inc. uses the perpetual inventory method. Rushmore Biking Inc. Income Statement For the Month Ended February 28 Selling and administrative expenses: Total selling and administrative expenses b. Determine the inventory balances on February 28, the end of the first month of operations. Materials inventory, February 28 S Work in process inventory, February 28 $ Finished goods inventory, February 28 Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: Inventories March 1 March 31 Materials Work in process Finished goods $226,800 470,770 633,100 $208,540 551,210 665,150 Direct labor $3,780,000 Materials purchased during March 2,879,490 Factory overhead incurred during March: Indirect labor 345,600 Machinery depreciation 226,800 Heat, light, and power 189,000 Supplies 37,690 Property taxes 32,390 Miscellaneous costs 49,360 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. x 1 Open spreadsheet This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. TH Open spreadsheet a. Prepare a cost of goods manufactured statement for March. Round your answers to the nearest dollar. Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31 Work in process inventory, March 1 470,770 Direct materials: Materials inventory, March 1 $ 226,800 Purchases 2,879,490 Cost of materials available for use $ 3,106,290 208,540 Materials inventory, March 31 Cost of direct materials used in production $ 2,897,750 Direct labor 3,780,000 Factory overhead: Indirect labor $ 345,600 226,800 Machinery depreciation Heat, light, and power 189,000 Purchases 2,879,490 Cost of materials available for use $ 3,106,290 208,540 Materials inventory, March 31 Cost of direct materials used in production Direct labor 2,897,750 3,780,000 Factory overhead: Indirect labor 345,600 226,800 Machinery depreciation Heat, light, and power Supplies 189,000 37,690 Property taxes 32,390 49,360 Miscellaneous costs 880,840 Total factory overhead Total manufacturing costs incurred during March Total manufacturing costs Work in process inventory, March 31 ? Cost of goods manufactured b. Determine the cost of goods sold for March. Round your answer to the nearest dollar
