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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 $45,000 of materials b. Used $34,700 of direct materials in production. c. Incurred $51,700 of direct labor wages. d. Incurred $72,900 of factory overhead. e. Transferred $121,100 of work in process to finished goods. f. Sold goods for $216,500. g. Sold goods with a cost of $96,300. h. Incurred $55,400 of selling expenses. 1. Incurred $24,300 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Technology Treasures 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