The following events took place for Video Wave Manufacturing Company during January 2017, the first month of its operations as a producer of digital video monitors.Determine the following on Jan 31: 1) Materials Inventory, 2) Work In Process Inventory and 3) Finished goods inventory.

1. Purchased $133,200 of materials.
2. Used $94,080 of direct materials in production.
3. Incurred $180,320 of direct labor wages.
4. Incurred $211,680 of factory overhead.
5. Transferred $425,320 of work in process to finished goods.
6. Sold goods with a cost of $365,000.
7. Earned revenues of $652,000.
8. Incurred $86,520 of selling expense.
9. Incurred $71,250 of administrative expense.