$4.$ The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: $*$ Purchased $$47,300$ of materials. $*$ Used $$36,400$ of$$direct materials$$in production. $*$ Incurred $$54,400$ of direct labor wages. $*$ Incurred $$76,600$ of$$factory overhead. $*$ Transferred $$127,200$ of$$work in process$$to$$finished goods. $*$ Sold goods for $$227,500.*$ Sold goods with a$$cost$$of $$101,200.*$ Incurred $$58,200$ of selling expense. $*$ Incurred $$25,500$ of administrative expense$\mathrm{.}5.$ Using the information given, complete the following:Question Content Areaa. $$Prepare the January income statement for Sorensen Manufacturing Company$\mathrm{.}6.$ Sorensen Manufacturing Company$7.$ Income Statement$8.$ For the Month Ended January $316$Line Item Description$33$Question Content Areab. $$Determine the inventory balances at the end of the first month of operations$\mathrm{.}1.$ Sorensen Manufacturing Company$2.$ Inventory Balances$3.$ For the Month Ended January $3137$Inventory balances on January $31$:$451$

Using the information given, comple $-$ Show Me How

a$.$ Prepare the January income statement for Sorensen Manufacturing Company.

Sorensen Manufacturing Company

Income Statement

For the Month Ended January $31$

Operating expenses:

$$

$$

$$

$$

Total operating expenses

$q,$

$$

$ $$

$$

$q,$

b$.$ Determine the inventory balances at the end of the first month of operations.

Sorensen Manufacturing Company

Inventory Balances

For the Month Ended January $31$

Inventory balances on January $31$ :

Amount

Materials

$

Work in process $$

Finished goods $$