signment Main.dowoker Bakelig meteocator.ro Calculator Used $434,500 of direct materials in production Incurred $125,000 of direct labor wages. Applied factory overhead at a rate of 40% of direct labor cost. Transferred $578,000 of work in process to finished goods Sold goods with a cost of $550,000 Revenues earned by selling bikes, 5910,000 Incurred $185,000 of selling expenses, Incurred $90,000 of administrative expenses. a. Prepare the income statement for Rushmore king Inc. for the month ending February 23. Assume that short inventory method Rushmore Biking Inc. Income Statement For the Month Ended February 28 Selling and administrative expenses Total selling and administrative expenses signment Main.dowoker Bakelig meteocator.ro Calculator Used $434,500 of direct materials in production Incurred $125,000 of direct labor wages. Applied factory overhead at a rate of 40% of direct labor cost. Transferred $578,000 of work in process to finished goods Sold goods with a cost of $550,000 Revenues earned by selling bikes, 5910,000 Incurred $185,000 of selling expenses, Incurred $90,000 of administrative expenses. a. Prepare the income statement for Rushmore king Inc. for the month ending February 23. Assume that short inventory method Rushmore Biking Inc. Income Statement For the Month Ended February 28 Selling and administrative expenses Total selling and administrative expenses