Exercise 16(2)-14 Name: Section: Score:100% Key Code:[Key code here] Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. a.Rushmore Biking Inc. Income Statement For the Month Ended February 28 Revenues$910,000 Cost of goods sold(550,000) Gross profit$360,000 Selling and administrative expenses: Selling expenses$185,000 Administrative expenses90,000 Total selling and administrative expenses(275,000) Operating income$85,000 b. Materials inventory: Purchased materials$480,000 Less: Materials used in production(434,500) Materials inventory, February 28$45,500 Work in process inventory: Materials used in production$434,500 Direct labor125,000 Factory overhead50,000 Total manufacturing costs incurred$609,500 Less: Transferred to finished goods(578,000) Work in process inventory, February 28$31,500Instructions
Finished goods inventory: Transferred to finished goods$578,000 Less: Cost of goods sold(550,000) Finished goods inventory, February 28$28,000
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