The following events took place for Technology Treasures 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 Technology Treasures Manufacturing Company. Be sure to complete the statement heading. Refer to the lists of Accounts, Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Colons $($:$)$ will fill in where needed. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive.

b$.$ Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations.