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Financial Statements of a Manufacturing Firm The following events took place for Chi-Lite Inc. during June, the first month of operations as a producer of road bikes: . Purchased $648,200 of materials Used $557,500 of direct materials in production Incurred $480,000 of direct labor wages Applied factory overhead at a rate of 80% of direct labor cost. Transferred $1,364,600 of work in process to finished goods Sold goods with a cost of $1,277,000 . Sold goods for $2,285,800. Incurred $549,100 of selling expenses Incurred $204,300 of administrative expenses. a. Prepare the June income statement for Chi-Lite. Assume that Chi-Lite uses the perpetual inventory method Chi-Lite Inc. Income Statement For the Month Ended June 30 Selling and Administrative Expenses Total Selling and Administrative Expenses Previou Subm