Incurred $392,000 of direct labor wages. Applied factory overhead at a rate of 80% of direct labor cost. Transferred $1,116,800 of work in process to finished goods. - Sold goods with a cost of $1,048,400. - Revenues earned by selling bikes, $1,876,600. - Incurred $450,800 of selling expenses. - Incurred $167,700 of administrative expenses. a. Prepare the income statement for Rockhaven Biking Inc. for the month ending February 28. b. Determine the inventory balances on February 28 , the end of the first month of operations. Factory Overhead Costs During May, Keenan Company incurred factory overhesd costs as follows: indirect materlals, $2,710; indirect labor, $3,600; utilities cost, $2,010; and factor depreciation, 34,610. Journalize the entry to record the factory overhesd incurred during May. If an amount box does not require an entry, leave is blank