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 $54,900 of materials b. Used $42,300 of direct materials in production. c. Incurred $63,100 of direct labor wages. d. Incurred $88,900 of factory overhead e. Transferred $147,700 of work in process to finished goods. f. Sold goods for $264,100 g. Sold goods with a cost of $117,500 h. Incurred $67,500 of selling expenses. i. Incurred $29,600 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 Cost of goods sold Gross profit V Operating expenses: Selling expenses Administrative Total operating expenses Net income Feedback b. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations. Digital Vibe Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials Work in process Finished goods