Financiai Sratements af a Manufecturing Firm The foijowing eventa tooic place for Sorensen Manufacturing Compuny during lanuary, the first month of its operabons as a prodiocer af atgital video mbrumony 3. Purchased 358,605 of materials b. Used $45,100 of direct materials in production. c. Incurred 167,400 of direct labor wages d incurted $94,900 of factary overtheath- e. Transterfed 5157,600 of worl in procest to finithed goodik. f. Sold goods for $204,900 9 - Sold goode with a cost of $123,400. h. Incurted s7e,too of seling expeose. 1. incurred $31,000 of atminatrative expense. Using the information glveni complete the rollowing a. Pregare the latuaty income statement tor Sereneen Raanufocturing Corpepiy. b. Determine the inventory balances at the end of the first month of operations