Financial Statements of a Manufacturing Firm The following events took place for Technology Treasures Manufacturing Company during January, the first month of its operations as a producer of digital video mons a. Purchased $63,300 of materials b. Used $48,700 of direct materials in production. c. Incurred $72,800 of direct labor wages. d. Incurred $102,500 of factory overhead. e. Transferred $170,300 of work in process to finished goods. f. Sold goods for $304,500. g. Sold goods with a cost of $135,500. h. Incurred $77,900 of selling expenses. i. Incurred $34,200 of administrative expense. Using the information given, complete the following: b. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations. Technology Treasures Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31 : Materials Work in process Finished goods