ch 16 ? 11

please answer both

? 13

This information has been collected in the Microsoft Excel Online fle. Open the spreadsheet, perform the required analysis, and input your answers in the question Open spreadsheet Determine the following amounts. Round your answers to the nearest dollar: a. Cost of goods sold b. Direct materials cost 5 c. Direct labor cost: 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 $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 37% of direct labor cost. - Transferred $382,900 of work in process to finished goods. - Sold goods with a cost of $364,400. - Revenues eamed by selling bikes, $602,900. - Incurred $122,600 of selling expenses, - Incurred $59,600 of administrative expenses. This information has been collected in the Microsoft Excel Online file, Open the spreadsheet, perform the required analysis, and ingut your answers in the questions t Open spreadsheet a. Prepare the income statement for fushmore Biking for the month ending February 28. Round your answers to the nearest doklaf. Determine the inventory balances on February 28, the end of the first month of operations. Round your answers to the neare Feedoack F Check My Work a. Both product and period costs must be reported on the income statement and are necessary to measure income. b. Set up T accounts for materials inventory, work in process inventory, and finished goods inventory accounts