Financial statements first month of its operations as a producer of digital clocks: EX 16-9 The following events took place for LAE Manufacturing Company during March, the of a manufacturing fim a. Purchased $52,000 of materials. b. Used $40,000 of direct materials in production. c. Incurred $60,000 of direct labor wages. d. Incurred $84,000 of factory overhead. e. Transferred $140,000 of work in process to finished goods. f. Sold goods with a cost of $110,000. g. Earned revenues of $250,000. h. Incurred $64,000 of selling expenses. i. Incurred $28,000 of administrative expenses obj. 3 va. Net income, $48,000 E Manufacturing Company b. Determine the inventory balances at the end of the first month of operations