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:

	a. Purchased $137,800 of materials.
	b. Used $94,100 of direct materials in production.
	c. Incurred $184,800 of direct labor wages.
	d. Incurred $212,720 of factory overhead.
	e. Transferred $423,160 of work in process to finished goods.
	f. Sold goods for $645,000.
	g. Sold goods with a cost of $365,000.
	h. Incurred $86,260 of selling expense.
	i. Incurred $71,950 of administrative expense.

Required:

Using the information given, complete the following:

A.	Prepare the January income statement for Digital Vibe Manufacturing Company. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
B.	Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations.