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 $390,000 of materials.
• Used $353,000 of direct materials in production.
• Incurred $101,600 of direct labor wages.
• Applied factory overhead at a rate of 34% of direct labor cost.
• Transferred $463,900 of work in process to finished goods.
• Sold goods with a cost of $441,400.
• Revenues earned by selling bikes, $ 730,300.
• Incurred $148,500 of selling expenses.
• Incurred $72,200 of administrative expenses
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet
a. 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
Revenues
Cost of Goods Sold
Gross Profit Selling and Administrative Expenses:
Total Selling and Administrative Expenses

Which of the following is located at the point where the supply and demand curves intersect? a. the equilibrium price. b. the minimum supply. c. the level of efficient production. d. the maximum demand. 2b2t

Recently, verizon wireless ran a pricing trial in order to estimate the elasticity of demand for its services. the manager selected three states that were representative of its entire service area and increased prices by 5 percent to customers in those areas. one week later, the number of customers enrolled in verizon's cellular plans declined 4 percent in those states, while enrollments in states where prices were not increased remained flat. the manager used this information to estimate the own-price elasticity of demand and, based on her findings, immediately increased prices in all market areas by 5 percent in an attempt to boost the company's 2016 annual revenues. one year later, the manager was perplexed because verizon's 2016 annual revenues were 10 percent lower than those in 2015"the price increase apparently led to a reduction in the company's revenues. did the manager make an error? yes - the one-week measures show demand is inelastic, so a price increase will decrease revenues. yes - the one-week measures show demand is elastic, so a price increase will reduce revenues. yes - cell phone elasticity is likely much larger in the long-run than the short-run. no - the cell phone market must have changed between 2011 and 2012 for this price increase to lower revenues.

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