The following events took place for Chi-Lite Inc. during June 2016, the first month of operations as a producer of road bikes: Purchased $396,730of materials. Used $343,310 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 $797,470. Sold goods for $1,409,300. Incurred $318,060 of selling expenses. Incurred $120,840 of administrative expenses. Required: A. determine the inventory balances at the end of the first month of operations raw materials work in process finished goods b. determine the cost of goods sold