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 $40,000 of materials Used $30,800 of direct materials in production. Incurred $46,000 of direct labor wages. Incurred $64,800 of factory overhead. Transferred $107,600 of work in process to finished goods. Sold goods for $192,400. Sold goods with a cost of $85,600. Incurred $49,200 of selling expenses. Incurred $21,600 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Digital Vibe Manufacturing Company.