eBook Calculator 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 $192,000 of materials. Used $165,100 of direct materials in production. . Incurred $144,000 of direct labor wages. Applied factory overhead at a rate of 80% of direct labor cost. . Transferred $407,300 of work in process to finished goods. . Sold goods with a cost of $378,200. . Sold goods for $677,000. Incurred $162,600 of selling expenses. Incurred $60,500 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