Financial Statements of a Manufacturing Firm The following events took ploce for Digital vibe Manufacturing Company during March, the first month of its operations as a producer of digitat vided inenitors: a. Purchased $40,700 of materials. b. Used $31,300 of direct materials in production. c. Incurred $46,800 of direct labor wages; d. Incurred 565,900 of factory overhesd: e. Transferred $109,500 of work in process to finished q00d s. f. Sold goods for $195,800. 9. Sold goods with a cost of 587,100 , h. Incurred $50,100 of selling expense. 1. Incurred $22,000 of administrative expense. Using the information given, complete the following 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