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 $66,100 of materials b. Used $50,900 of direct materials in production. c. Incurred $76,000 of direct labor wages. d. Incurred $107,100 of factory overhead. e. Transferred $177,800 of work in process to finished goods. f. Sold goods for $317,900. g. Sold goods with a cost of $141,500. h. Incurred $81,300 of selling expenses. i. Incurred $35,700 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 ncome 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 Inventorv Balances d. Incurred $107,100 of factory overhead. e. Transferred $177,800 of work in process to finished goods. f. Sold goods for $317,900 g. Sold goods with a cost of $141,500. h. Incurred $81,300 of selling expenses. i. Incurred $35,700 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 ncome 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 nventory balances on January 31 Materials Work in process Finished goods