Financial Statements of a Manufacturing Firm The following events took place for Digital Vibe Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: a. Purchased $55,800 of materials b. Used $43,000 of direct materials in production. c. Incurred $64,200 of direct labor wages. d. Incurred $90,400 of factory overhead. e. Transferred $150,100 of work in process to finished goods. f. Sold goods for $268,400. g. Sold goods with a cost of $119,400. h. Incurred $68,600 of selling expenses. 1. Incurred $30,100 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Digital Vibe Manufacturing Company. Revenues Digital Vibe Manufacturing Company Income Statement For the Month Ended January 31 Cost of goods sold. Gross profit Operating expenses: Selling expenses Administrative expenses Total operating expenses Net income Feedback