Need help with materials on part b.

eBeck Show Me How Financial Statements of a Manulacturing Firm The following events took place for Digital Vibe Manufactaring Company during January, the first month of its operations as a producer of d a. Purchased $168,500 of materials b. Used $149,250 of direct materials in production G Inourred $360,000 el direct labor wages d. Incurred $120,000 of factory overhead c. Transferred $600,000 of work in process to finished goods. t Sold goods for $875,000. g Seld goods with a cost of $525,000 h. Incarred $125,000 of selling expense. i. Incurred $80,000 of administrative expense. Using the information given, complete the following a. Prepare the January income statement for Digital Vibe Manufacturing Company Digital Wbe Hanufacturing Company the Month Cost of goods sold Gross profit Oper ating expenses: 35e,000 125.000 Administrative openes 00000 Total eperating expenses Net imcome Y a Use T.gh and I in preparing the income statement b. Determine the Mateniels Ieventory, Work in Process Inventory, and Finished Goods Iniventory balances at the end of the Eirst month of opes Digital Vibe Manufacturing Company Inventory Balances Inventory balances on Jenoary work in precess