The following events took place for Digital Vibe Manufacturing Company during March, the first month of its operations as a producer of digital video monitors: a. Purchased $168,500 of materials. b. Used $149,250 of direct materials in production C. Incurred $360,000 of direct labor wages. d. Incurred $120,000 of factory overhead. e. Transferred $600,000 of work in process to finished goods. f. Sold goods for $875,000. g. Sold goods with a cost of $525,000. h. Incurred $125,000 of selling expense. 1. Incurred $80,000 of administrative expense. a. Prepare the March income statement for Digital Vibe Manufacturing Company. Digital Vibe Manufacturing Company Income Statement For the Month Ended March 31 Operating expenses: Total operating expenses b. Determine the inventory balances at the end of the first month of operptions. Digital Vibe Manufacturing Company Inventory Balances For the Month Ended March 31 Inventory balances on March 31: Materials Work in process Finished goods