eBook Show Me How Once 365 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 $232,000 of materials b. Used $167.040 of direct materials in production. Incurred $417,600 of direct labor wages. d. Incurred $167.000 of factory overhead Transferred $705,300 of work in process to finished goods. Sold goods for 51,113,600. 9. Sold goods with a cost of $636,400. h. Incurred $199,500 of selling expense 1. Incurred $116,000 of administrative expense. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below Open spreadsheet Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Hound your answers to the best dollar Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Revenues 1,113,600 Cost of goods sold 626,400 Gross prolit 407,200 Operating expenses: Selling expenses 199,500 Administrative expenses 116,000 Total operating expenses X Net Income 157,360 X Determine the inventory Balance at the end of the brother sound of todella Check My Work For the Month Ended January 31 $ Revenues 1,113,600 626,400 Cost of goods sold Gross profit 487,200 199,500 Operating expenses: Selling expenses Administrative expenses Total operating expenses Net Income 116,000 / X 357,360 X 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 Sinished goods