Reference no: EM132475684

Based on this information:

1. Purchased $321,300 of materials.
2. Used $276,300 of direct materials in production.
3. Incurred $236,000 of direct labor wages.
4. Applied factory overhead at a rate of 70% of direct labor cost.
5. Transferred $650,400 of work in process to finished goods.
6. Sold goods with a cost of $636,200.
7. Revenues earned by selling bikes, $1,138,800.
8. Incurred $273,600 of selling expenses.
9. Incurred $101,800 of administrative expenses.

Income Statement:

Revenues-                                                    1,138,800

Cost of Goods Sold-                                         636,200

Gross Profit-                                                   502,600

Selling Expenses-                                             273,600

Administrative Expenses-                                   101,800

Total Selling and Administrative Expenses-           375,400

Operating Income-                                           127,200

Question 1: What will work in process be February 28th? know material inventory is 45,000 and finished goods inventory is 14,200.