New P8-Z77 motherboard won't flash BIOS

So I just got my new Asus P8Z77-V motherboard in the mail and proceeded to set it up outside of the chassis to make sure it works. I installed a 2nd Generation core i3 cpu (with IGPU), 2 sticks of 2GB RAM in the A1 and B1 slots on the board, plugged in the monitor, and plugged in the 24 pin power connector. When I plugged in the power connector, the power LED on the board turned on. I then plugged in all the front panel connectors and tried to boot up and flash the BIOS. However, when I hit the power button, the cpu fan and cpu LED and the fan in the psu all turn on for about 5 seconds. After that, they all go off and i get no feedback on the monitor. No BIOS or anything. I also noticed that the dram LED does not turn on. Have I done something wrong or does it sound like the board was DOA?