The spelling of the word "FOLITE" is straightforward, as each letter corresponds to a distinct sound. "F" represents the voiced labiodental fricative (/f/), "O" represents the short vowel sound /ɒ/, "L" represents the consonant sound /l/, "I" represents the vowel sound /aɪ/, "T" represents the voiceless alveolar stop /t/, and "E" represents the schwa /ə/. Thus, the IPA transcription of "FOLITE" is /ˈfɒlaɪt/.