Financial Statements of a Manufacturing Flrm The following events took place for Chi-Lite Inc. during June, the first month of operations as a producer of road bikes . Purchased $364,200 of materials. Used $313,200 of direct materials in production. Incurred $268,000 of direct labor wages. Applied factory overhead at a rate of 75% of direct labor cost. . Transferred $750,900 of work in process to finished goods. Sold goods with a cost of $721,100 Sold goods for $1,290,800 Incurred $310,100 of selling expenses. Incurred $115,400 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: otal Selling and Administrative Expenses