Please complete the following:

Financial Statements of a Manufacturing Firm

The following events took place for Digital Vibe Manufacturing Company during January, the first month of its operations as a producer of digital video monitors:

1. Purchased $55,600 of materials
2. Used $42,800 of direct materials in production.
3. Incurred $63,900 of direct labor wages.
4. Incurred $90,100 of factory overhead.
5. Transferred $149,600 of work in process to finished goods.
6. Sold goods for $267,400.
7. Sold goods with a cost of $119,000.
8. Incurred $68,400 of selling expenses.
9. Incurred $30,000 of administrative expense.

Using the information given, complete the following:

a. Prepare the January income statement for Digital Vibe Manufacturing Company.

b. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations.