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 $59,200 of materials b. Used $45,600 of direct materials in production. C. Incurred $68,100 of direct labor wages. d. Incurred $95,900 of factory overhead. e. Transferred $159,200 of work in process to finished goods. f. Sold goods for $284,800. g. Sold goods with a cost of $126,700. h. Incurred $72,800 of selling expenses. 1. Incurred $32,000 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 Revenues Cost of goods sold Gross profit Operating expenses: Selling expenses 72,800 Administrative expenses 32,000 Cost of goods sold 8 Gross profit Operating expenses: Selling expenses 72,800 Administrative expenses 32,000 Total operating expenses 104,800 Net Income 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