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 $168,500 of materials. b. Used $149,250 of direct materials in production. C. Incurred $360,000 of direct labor wages. d. Incurred $120,000 of factory overhead. e. Transferred $600,000 of work in process to finished goods. f. Sold goods for $875,000. 9. Sold goods with a cost of $525,000. h. Incurred $125,000 of selling expense. 1. Incurred $80,000 of administrative expense. Using the information given, complete the following: >) a. Prepare the March income statement for Digital Vibe Manufacturing Company. Digital Vibe Manufacturing Company Income Statement For the Month Ended March 31 Cost of goods sold Gross profit Operating expenses: Selling expenses Administrative expenses Total operating expenses Net income