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In: AccountingFinancial Statements of a Manufacturing FirmThe following events took place for Chi-Lite Inc. during June,...Financial Statements of a Manufacturing FirmThe following events took place for Chi-Lite Inc. during June,the first month of operations as a producer of road bikes:•Purchased $481,100 of materials.•Used $413,700 of direct materials in production.•Incurred $356,000 of direct labor wages.•Applied factory overhead at a rate of 80% of direct laborcost.•Transferred $1,012,300 of work in process to finishedgoods.•Sold goods with a cost of $962,200.•Sold goods for $1,722,300.•Incurred $413,700 of selling expenses.•Incurred $154,000 of administrative expenses.a. Prepare the June income statement forChi-Lite. Assume that Chi-Lite uses the perpetual inventorymethod.Chi-Lite Inc.Income StatementForthe Month Ended June 30Revenues$Cost of Goods SoldGross Profit$Selling and Administrative Expenses:Selling Expenses$AdministrativeExpensesTotal Selling and AdministrativeExpensesIncome fromOperations$