The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes:

• Purchased $320,000 of materials.
• Used $289,700 of direct materials in production.
• Incurred $83,300 of direct labor wages.
• Applied factory overhead at a rate of 50% of direct labor cost.
• Transferred $393,200 of work in process to finished goods.
• Sold goods with a cost of $374,200.
• Revenues earned by selling bikes, $619,100.
• Incurred $125,900 of selling expenses.
• Incurred $61,200 of administrative expenses.

Prepare the income statement for Rushmore Biking for the month ending February 28. Round your answers to the nearest dollar.

Rushmore Biking Inc.
Income Statement
For the Month Ended February 28
Selling and Administrative Expenses:
Total Selling and Administrative Expenses

Determine the inventory balances on February 28, the end of the first month of operations. Round your answers to the nearest dollar.

Materials inventory, February 28
Work in process inventory, February 28
Finished goods inventory, February 28