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 $358,200 of materials Used $308,100 of direct materials in production Incurred $264,000 of direct labor wages. Applied factory overhead at a rate of 80% of direct labor cost. Transferred $752,000 of work in process to finished goods. Sold goods with a cost of $709,200 Sold goods for $1,269,500 Incurred $305,000 of selling expenses. Incurred $113,500 of administrative expenses a. Prepare the Dune Income statement for Chi-ute. Assume that Chelite uses the perpetual inventory method Chil-Lite Inc. Income Statement For the Month Ended Oune 30 Revenues Cost of Goods Sold Gross Profit M Selling and Administrative Expenses Selling Expenses Administrative Expenses Total Secting and Administrative Expenses 8 Income from operations MCW Boty production Combe resorted on the income statement and who measure b. Determine the inventory balances at the end of the first month of operations Materials inventory, June 30 Work in process inventory, June 30 Finished goods inventory, June 30