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: Purchased $58,400 of materials Used $45,000 of direct materials in production. Incurred $67,200 of direct labor wages. Incurred $94,600 of factory overhead. Transferred $157,100 of work in process to finished goods. Sold goods for $280,900. Sold goods with a cost of $125,000. Incurred $71,800 of selling expenses. Incurred $31,500 of administrative expense. Using the information given, complete the following: Question Content Area a. Prepare the January income statement for Technology Treasures Manufacturing Company. Technology Treasures Manufacturing Company Income Statement For the Month Ended January 31 Revenues $Revenues Cost of goods sold Cost of goods sold Gross profit $Gross profit Operating expenses: Selling expenses $Selling expenses Administrative expenses Administrative expenses Total operating expenses fill in the blank 163f9afd2fb8000_11 Net income $Net income Feedback Area Feedback a. Consider the differences in the income statement for merchandising and manufacturing businesses. Remember to include cost of goods sold. Question Content Area b. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations. Technology Treasures Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials $fill in the blank 83684f06cfe900d_1 Work in process $fill in the blank 83684f06cfe900d_2 Finished goods $fill in the blank 83684f06cfe900d_3