Instructions The following events took place for Technology Treasures Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: a. Purchased $136,600 of materials. b. Used $94,840 of direct materials in production. c. Incurred $183,840 of direct labor wages. d. Incurred $211,760 of factory overhead. e. Transferred $427,460 of work in process to finished goods. f. Sold goods for $666,000. g. Sold goods with a cost of $367,750. h. Incurred $84,980 of selling expense. 1. Incurred $70,500 of administrative expense. Required: Using the information given, complete the following a. Prepare the January income statement for Technology Treasures Manufacturing Company. Be sure to complete the statement heading Refer to the lists of Accounts, Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries Colons () will fill in where needed. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount For example: Net loss should be negative. Expenses should be positive b. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of b. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations Accounts, Labels and Amount Descriptions Accounts Administrative expenses Cost of goods sold Revenues Selling expenses Labels For the Month Ended January 31 For the Year Ended January 31 January 31 Operating expenses. Amount Descriptions Gross profit Gross loss Net income Net loss Accounts, Labels and Amount Descriptions Accounts Administrative expenses Cost of goods sold Revenues Selling expenses Labels For the Month Ended January 31 For the Year Ended January 31 January 31 Operating expenses Amount Descriptions Gross profit Gross loss Net income Net loss Total operating expenses a. Using the information given, prepare the January income statement for Technology Treasures Manufacturing Company. Be sure to complete the statement heading. Refer to the lists of Accounts, Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Colons () will fill in where needed. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. 4 (Label) Technology Treasures Manufacturing Company Income Statement (Label)