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: purchased 44,100 of materials used 34,000

Financial Statements of a Manufacturing Firm The following events took place for Digital Vibe Manufacturing Company during January, the first month of a. Purchased $44,100 of materials b. Used $34,000 of direct materials in production. c. Incurred $50,700 of direct labor wages. d. Incurred $71,400 of factory overhead e. Transferred $118,600 of work in process to finished goods. f. Sold goods for $212,100. g. Sold goods with a cost of $94,400. h. Incurred $54,200 of selling expenses. i. Incurred $23,800 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Digital Vibe Manufacturing Company Digital Vibe Manufacturing Company Income Statement For the Month Ended January 31 Revenues Cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses Total operating expenses Net income b. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the e Digital Vibe Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials Work in process Finished goods