s Tools Window Help Wed 7:44 PM nmentMain ocator assignment-takeRinprogress false Print bem The following events took place for Chi-ute Inc. during June 2016, the first month of operations as a producer of road bikes purchased $396 730 of materials. used ss43 310 of direct materials in production. Incurred $294,600 of direct labor wages. Applied factory overhead at a rate of 74% of direct labor cost. Transferred $816.250 of work in process to finished goods. Sold goods with a cost of s797,47o, Sold goods for s1,409,300. $318.060 of selling expenses. s120,840 of administrative expenses. A. Prepare the June income statement for Chi ute. Assume that on-ure uses the penperual mventory method Refer tothe of Labels and Amount Descriptions provided for the exact wording of the answer chooes for teat entres, Determine the inventory balances at the end of the ninst month or aperations, Labels and Amount Descriptions Submit Assignment for Grading