The following events took place for Video Wave Manufacturing Company during January 2016, the first month of it operations as a producer of digital video monitors: Purchased $133, 800 of materials. Used $94, 100 of direct materials in production. Incurred $184, 480 of direct labor wages. Incurred $215, 200 of factory overhead. Transferred $425, 880 of work in process to finished flood? Sold goods with a cost of $360,000. Earned revenues of $664,000. Inquired $85, 460 of selling expense. Incurred $71, 800 of administrative expense. Required: Using the information given, complete the following: Prepare the January 2016 income statement for Video Wave Manufacturing Company. Refer to the Descriptions list provided for the exact wording of the answer choices for text entries. Determine the inventory balances at the end of the first month of operations