Hi can you help me with this problem it's for Accounting 212

Financial Statements of a Manufacturing Firm

The following events took place for Chi-Lite Inc. during June, the first month of operations as a producer of road bikes:

	Purchased $275,600 of materials.
	Used $237,000 of direct materials in production.
	Incurred $204,000 of direct labor wages.
	Applied factory overhead at a rate of 80% of direct labor cost.
	Transferred $580,000 of work in process to finished goods.
	Sold goods with a cost of $548,400.
	Sold goods for $981,600.
	Incurred $235,800 of selling expenses.
	Incurred $87,700 of administrative expenses.

a. Prepare the June income statement for Chi-Lite. Assume that Chi-Lite uses the perpetual inventory method.

Chi-Lite Inc.
Income Statement
For the Month Ended June 30
Revenues		$
Cost of Goods Sold
Gross Profit		$
Selling Expenses	$
Administrative Expenses
Income from Operations		$

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a. Both product and period costs must be reported on the income statement and are necessary to measure income.

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 I have a problem with finding the work in process inventory and finding the finished goods inventory	$