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: Purchased $168, 500 of materials. Used $149, 250 of direct materials in production. Incurred $360,000 of direct labor wages. Incurred $120,000 of factory overhead. Transferred $600,000 of work in process to finished goods. Sold goods for $875,000. Sold goods with a cost of $525,000. Incurred $125,000 of selling expense. 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.