The following events took place for Chi-Lite Inc. during June, the first month of operations as a producer of road bikes: + Purchased $403,440 of materials. Used $340,060 of direct materials in production. Incurred $294,500 of direct labor wages. Applied factory overhead at a rate of 79% of direct labor cost. Transferred $819,120 of work in process to finished goods. Sold goods with a cost of $781,630. Sold goods for $1,402,470. Incurred $315,200 of selling expenses. Incurred $127,070 of administrative expenses. Labels For the Month Ended June 30 June 30 Selling and administrative expenses Amount Descriptions Administrative expenses Cost of goods sold Factory overhead Gross profit Income from operations Materials Revenues Selling expenses Total selling and administrative expenses Chl-Lite Inc. Income Statement (Label) 1 3 4 (Label) 5 6 7 3 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 $ $