E Calculator Financial Statements of a Manufacturing Firm The following events took place for Sorensen Manufacturing Company during January, the first month of Rs operations as a producer of digital video monitors a. Purchased $41,900 of materials. b. Used $32,300 of direct materials in production. c. Incurred $48,200 of direct labor wages. d. Incurred $67,900 of factory overhead. e. Transferred $112,700 of work in process to finished goods. f. Sold goods for $201.500. 9. Sold goods with a cost of $89,700. h. Incurred $51,500 of selling expense. 1. Incurred $22,600 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Revenues $ 201,500 Cost of goods sold -89.700 Gross profit $ 111,800 Operating expenses: Selling expenses dministrative expenses Total operating expense All Wo save Calculator Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Revenues 201.500 Cost of goods sold -89,700 111,800 Gross profit Operating expenses: Selling expenses -51.500 Administrative expenses 22,600 Total operating expenses Net income 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 Inventor balances on January 313 Materials Finished goods