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EX 17-14 Financial statements of a manufacturing firm Chapter 17 lob Order Costing 819 a. Income from operations as a producer of road bikes: took place for Chi-Lite Inc. during lune 2016, the first month of 0B3.2 Purchased $400,000 of materials. of direct materials in production. Incurred $295,000 of direct labor wages. Applied factory overhead at a rate of 75% of direct lalor cost. Transferred $815,000 of work in process to finished goods. . Sold goods with a cost of $789,000. . Sold goods for $1,400,000. Incurred $316,000 of selling expenses. Incurred $125,000 of administrative expenses. Prepare the June income statement for Chi-Lite. Assume that Chi-Lite uses the perpetual inventory method. a. b. Determine the inventory balances at the end of the finst month of operations. 081.3 tunufacturing Inc. is a job shop. The management of Alvarez Manufacturing Inc. s cost performance. Information on Decision making with job order costs EX 17-15