et: Module 1 eBook Show Me How Office 365 EXCELALGO 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 produ monitors: EXCEL.ALGO a. Purchased $260,000 of materials. b. Used $187,200 of direct materials in production. C. Incurred $468,000 of direct labor wages. d. Incurred $187,200 of factory overhead. e. Transferred $790,400 of work in process to finished goods. f. Sold goods for $1,248,000. g. Sold goods with a cost of $702,000. h. Incurred $223,600 of selling expense. i. Incurred $130,000 of administrative expense. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and in the questions below. Open spreadsheet Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar. en Manufacturing Company Administrative expenses Income Statement Gross profit Month Ended January 31 1/3 items Check My Work