Financial Statements of a Manufacturing Firm The following events took place for Digital Vibe Manufacturing Company during March, the first month of its operations as a producer of digital video monitors: a. Purchased $46,100 of materials. b. Used $35,500 of direct materials in production. c. Incurred $53,000 of direct labor wages. d. Incurred $74,700 of factory overhead. e. Transferred $124,000 of work in process to finished goods. f. Sold goods for $221,700. g. Sold goods with a cost of $98,700. h. Incurred $56,700 of selling expense. i. Incurred $24,900 of administrative expense. Using the information given, complete the following: a. Prepare the March income statement for Digital Vibe Manufacturing Company. a. Prepare the March income statement for Digital Vibe Manufacturing Company. b. Determine the inventory balances at the end of the first month of operations. Digital Vibe Manufacturing Company