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 $65,200 of materials b. Used $50,200 of direct materials in production, C. Incurred $75,000 of direct labor wages. d. Incurred $105,600 of factory overhead. e. Transferred $175,400 of work in process to finished goods. f. Sold goods for $313,600. 9. Sold goods with a cost of $139,500. h. Incurred $80,200 of selling expenses. 1. Incurred $35,200 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Digital Vibe Manufacturing Company. Digital Vibe Manufacturing Company Income Statement For the Month Ended January 31 Operating expenses: Income Statement For the Month Ended January 31 . Operating expenses: Total operating expenses b. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations. Digital Vibe Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials Work in process Finished goods