Rockhaven Biking Inc. Income Statement For the Month Ended February 28 Line Item Description Revenues Cost of goods sold Gross profit Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Operating income Amount Amount 935,000 $20,000 415,000 180,000 95,000 275,000 140,000 Feedback Check My Work a. Both product and period costs must be reported on the income statement and are necessary to measure n- 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 Feedback