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 $142,900 of materials.

b. Used $126,600 of direct materials in production.

c. Incurred $305,300 of direct labor wages.

d. Incurred $101,800 of factory overhead.

e. Transferred $608,800 of selling in process to finished goods.

f. Sold goods for $742,000.

g. Sold goods with a cost of $445,000.

h. Incurred $106,000 of selling expense.

i. Incurred $67,800 of administrative expense.

Using the information given, complete the following:

a. Prepare the January income statement for Technology Treasures Manufacturing Company.

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