Instructions Labels and Amount Descriptions Income Statement Inventory Balances Instructions The following events took place for Digtal Vibe Manufacturing Company during January, the first month is operations as a producer of digital video monton Purchased 5168,500 of materials b. Used 140,250 of direct maharan production C. Incurred $300.000 of director wages d. Incurred $120,000 of factory overhead . Transferred $600,000 of workingrooms to finished goods Sold goods for 5075,000 0 Sold goods with cost of $825.000 Incurred $125.000 of soiling exponse Incurred $80.000 of administrative experte Required: Using the information given, complete the following: A Prepare the lary income statement for Digital Vibe Manufacturing Company Refer to the labels and Amount Descriptions is provided for the exact wording of the answer choices for text entries. Be sure to complete the statement hasing 8. Determine the Materials Inventory. Work in Process inventory, and Fished Goods Inventory balances at the end of the first month of operations Labels and Amount Descriptions Labels For the Month Ended January 31 For the Year Ended January 31 January 31 Amount Descriptions Administrative expenses Cost of goods sold Gross profit Net income Revenues Selling expenses A. Using the information given, prepare the Juruary income statement for Digital Vibe Manufacturing Company. Potor to the Labels and Amount Descriptions dit provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading, Digital Vibe Manufacturing Company Income Statement (Label) 1 1 3 Operating expenses 7 Total operating expenses Inventory Balances B. Using the information giveni, determine the Materials inventory Work in Process Inventory, and Fished Goods inventory balances at the end of theirst month of operations Materials inventory S Work in process inventory S Finished goods inventory S