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 $138,600 of materials.

b. Used $93,540 ofdirect materialsin production.

c. Incurred $182,560 of direct labor wages.

d. Incurred $213,040 offactory overhead.

e. Transferred $426,220 ofwork in processtofinished goods.

f. Sold goods for $660,000.

g. Sold goods with acostof $367,500.

h. Incurred $86,200 of selling expense.

i. Incurred $70,250 of administrative expense.

How do I prepare the March income statement.

How do I determine the inventory balances at the end of the first month of operations.