The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: - Purchased $372,700 of materials. - Used $320,500 of direct materials in production. - Incurred $276,000 of direct labor wages. - Applied factory overhead at a rate of 70% of direct labor cost. - Transferred $758,100 of work in process to finished goods. - Sold goods with a cost of $741,700. - Revenues earned by selling bikes, $1,327,600. - Incurred $318,900 of selling expenses. - Incurred $118,700 of administrative expenses. b. Determine the inventory balances on February 28 , the end of the first month of operations