n) eBook 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 $272,400 of materials. Used $234,300 of direct materials in production. Incurred $200,000 of direct labor wages. Applied factory overhead at a rate of 75% of direct labor cost. Transferred $560,900 of work in process to finished goods. Sold goods with a cost of $542,100. Revenues earned by selling bikes, $970,400. Incurred $233,100 of selling expenses. Incurred $86,700 of administrative expenses. 4 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