Data: Materials purchased $272,000 Direct materials used in production195,840 Direct labor wages 489,600 Factory overhead 195,800 Work in process transferred to finished goods826,900 Sales revenue 1,305,600 Cost of goods sold 734,400 Selling expense 233,900 Administrative expense 136,000 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 $272,000 of materials. b. Used $195,840 of direct materials in production. c. Incurred $489,600 of direct labor wages. d. Incurred $195,800 of factory overhead. e. Transferred $826,900 of work in process to finished goods. f. Sold goods for $1,305,600. g. Sold goods with a cost of $734,400. h. Incurred $233,900 of selling expense. i. Incurred $136,000 of administrative expense. Using the information given, complete the following on an Excel spreadsheet: Use cell referencing when possible. Use headings. Keep statements on one page. Use gridlines. a. Prepare the January Income Statement for Sorensen Manufacturing Company. b. Compute Inventory balances for the month ended January 31. Sample: Sorensen Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials Work in process Finished goods