The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: • Purchased $480,000 of materials. • Used $434,500 of direct materials in production. • Incurred $125,000 of direct labor wages. • Applied factory overhead at a rate of 40% of direct labor cost. • Transferred $578,000 of work in process to finished goods. • Sold goods with a cost of $550,000. • Revenues earned by selling bikes, $910,000. • Incurred $185,000 of selling expenses. • Incurred $90,000 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 statement for Rushmore Biking Inc. for the month ending February 28.

Sales                                      $910,000

Less Cost of Sales              ($550,000)

Gross Profit                          $360,000

Less Expenses

Selling Expenses                 ($185,000)

Administrative Expenses     ($90,000)

Net Income / (loss)                 $85,000

Explanation:

Perpetual inventory methods keeps the record of inventory cost after every sale.

Thus we were already given the costs associated with the sale of bikes (cost of sales) and there was thus no need to got the longer router of determining this amount using the manufacturing cost schedule.

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