inn eBook Show Me How Office 365 Financial 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 road bikes: Purchased $430,000 of materials. Used $389,200 of direct materials in production. Incurred $112,000 of direct labor wages. Applied factory overhead at a rate of 37% of direct labor cost. Transferred $514,600 of work in process to finished goods. Sold goods with a cost of $489,700. Revenues earned by selling bikes, $810,200. Incurred $164,700 of selling expenses. Incurred $80,100 of administrative expenses. 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. Open spreadsheet a. Prepare the income statement for Rockhaven Biking Inc. for the month ending February 28. Rockhaven Biking Inc. Income Statement For the Month Ended February 28 Check My Work < a. Prepare the income statement for Rockhaven Biking Inc. for the month ending February 28. Rockhaven Biking Inc. Income Statement For the Month Ended February 28 Selling and Administrative Expenses: Total Selling and Administrative Expenses 000 b. Determine the inventory balances on February 28, the end of the first month of operations. Materials inventory, February 28 Work in process inventory, February 28 Finished goods inventory, February 28 Check My Work