The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: Purchased $408,900 of materials. Used $351,700 of direct materials in production. Incurred $304,000 of direct labor wages. Applied factory overhead at a rate of 70% of direct labor cost. Transferred $833,800 of work in process to finished goods. Sold goods with a cost of $809,600. Revenues earned by selling bikes, $1,449,200. Incurred $348,100 of selling expenses. Incurred $129,500 of administrative expenses. Question Content Area 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 For the Month Ended February 28 $- Select - - Select - $- Select - Selling and administrative expenses: blank blank $- Select - - Select - blank Total selling and administrative expenses blank fill in the blank $- Select - Question Content Area b. Determine the inventory balances on February 28, the end of the first month of operations. Materials inventory, February 28 $fill in the blank b570f2fbcfbf02f_1 Work in process inventory, February 28 $fill in the blank b570f2fbcfbf02f_2 Finished goods inventory, February 28 $fill in the blank b570f2fbcfbf02f_3