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: a. purchased $168,500 of materials. b. used $149,250 of direct materials in production. c. incurred $360,000 of direct labor wages. d. incurred $120,000 of factory overhead. e. transferred $600,000 of work in process to finished goods. f. sold goods for $875,000. g. sold goods with a cost of $525,000. h. incurred $125,000 of selling expense. i. incurred $80,000 of administrative expense. using the information given, complete the following: prepare the march income statement for digital vibe manufacturing company. determine the inventory balances at the end of the first month of operations.