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:
1. Prepare the March income statement for Digital Vibe Manufacturing Company.
2. Determine the inventory balances at the end of the first month of operations.
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