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  3. the following events took place for chi-lite inc.

The following events took place for Chi-Lite Inc. during June, the first month of operations...

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Accounting

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The following events took place for Chi-Lite Inc. during June, the first month of operations as a producer of road bikes: . . Purchased $397,940 of materials. Used $343,700 of direct materials in production. Incurred $290,100 of direct labor wages. Applied factory overhead at a rate of 80% of direct labor cost. Transferred $813,970 of work in process to finished goods. Sold goods with a cost of $799,480. Sold goods for $1,405,850. Incurred $319,590 of selling expenses. Incurred $125,080 of administrative expenses. . Income Statement For the Month Ended June 30 1 Revenues $397,940.00 2 Cost of goods sold 3 Gross profit Selling and administrative expenses: 5 Selling expenses Administrative expenses Total selling and administrative expenses total income 6 7 $865,880.00

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