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 $62,500 of materials. b. Used $48,100 of direct materials in production c. Incurred $71,900 of direct labor wages. d. Incurred $101,300 of factory overhead. e. Transferred $168,100 of work in process to finished goods. t. Sold goods for $300,600 9. Sold goods with a cost of $133,800. h. Incurred $76,900 of selling expense. I. Incurred $33,800 of administrative expense. a. Prepare the March income statement for Digital Vibe Manufacturing Company. Digital Vibe Manufacturing Company Income Statement For the Month Ended March 31 Operating expenses: Total operating expenses b. Determine the inventory balances at the end of the first month of operations. Digital Vibe Manufacturing Company Inventory Balances For the Month Ended March 31 Inventory balances on March 31: Materials Work in process Finished goods