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Instructions Amount Descriptions The following events took place for Digital Vibe Manufacturing Company during March, the first month of its operations as a producer of digital video monitors: Amount Descriptions Administrative expenses a. Purchased $137,800 of materials. Cost of goods sold Gross profit Net income 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. Revenues Selling expenses Income Statement g. Sold goods with a cost of $365,000. h. Incurred $86,260 of selling expense. i. Incurred $71,950 of administrative expense. a. Using the information given, prepare the March income statement for Digital Vibe Manufacturing Company Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Required: Using the information given, complete the following: a. Prepare the March income statement for Digital Vibe Manufacturing Company. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Digital Vibe Manufacturing Company Income Statement b. Determine the inventory balances at the end of the first month of operations For the Month Ended March 31 Inventory Balances b. Using the information given, determine the inventory balances at the end of the first month of operations. Operating expenses: Materials $ Work in process $ Finished goods $ Total operating expenses