Prepare the income statement for Rushmore Biking Inc. for the month ending February 28.

Financial Statements of a Manufacturing Firm The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: • Purchased $509,100 of materials. • Used $437,800 of direct materials in production. • Incurred $376,000 of direct labor wages. • Applied factory overhead at a rate of 80% of direct labor cost. • Transferred $1,070,000 of work in process to finished goods. • Sold goods with a cost of $1,018,200. • Revenues earned by selling bikes, $1,822,600. • Incurred $437,800 of selling expenses. • Incurred $162,900 of administrative expenses.   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 StatementFor the Month Ended February 28     $- Select -     - Select -     $- Select - Selling and administrative expenses: blank blank   $- Select…

The following events took place for Chi-Lite Inc. during June, the first month of operations as a producer of road bikes: • Purchased $396,010 of materials. • Used $340,050 of direct materials in production. • Incurred $294,400 of direct labor wages. • Applied factory overhead at a rate of 76% of direct labor cost. • Transferred $812,120 of work in process to finished goods. • Sold goods with a cost of $791,220. • Sold goods for $1,404,390. • Incurred $316,650 of selling expenses. • Incurred $126,730 of administrative expenses.     Required:   a. Prepare the June income statement for Chi-Lite. Assume that Chi-Lite uses the perpetual inventory method. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Colons (:) will fill in where needed.   b. Determine the inventory balances at the end of the first month of operations.

The following events took place for Technology Treasures Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: Purchased $142,900 of materials. Used $126,600 of direct materials in production. Incurred $305,300 of direct labor wages. Incurred $101,800 of factory overhead. Transferred $508,800 of work in process to finished goods. Sold goods for $742,000. Sold goods with a cost of $445,200. Incurred $106,000 of selling expense. Incurred $67,800 of administrative expense. Using the information given, complete the following: a.  Prepare the January income statement for Technology Treasures Manufacturing Company. Technology Treasures Manufacturing Company Income Statement For the Month Ended January 31 Revenues    $fill in the blank 3beb37fd1fe4fa1_2 Cost of goods sold    fill in the blank 3beb37fd1fe4fa1_4 Gross profit    $fill in the blank 3beb37fd1fe4fa1_6 Operating expenses:     Selling expenses…