b. Determine the inventory balances at the end of the first month of operations. Round your answers to the nearest dollar Sorensen Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials Work in process Finished goods Financial statements of a manufacturing firm The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: a. Purchased $244,000 of materials. b. Used $175,680 of direct materlals in production. c. Incurred $439,200 of direct labor wages. d. Incurred $175,700 of factory overhead. e. Transferred $741,800 of work in process to finished goods. f. Sold goods for $1,171,200. g. Sold goods with a cost of $658,800. h. Incurred $209,800 of selling expense. Incurred $122.000 of administrative expense