- - Financial statements of a manufacturing firm Instructions Accounts, Labels and Amount Descriptions Income Statement The following everytis took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors a. Purchased $250,000 of materials b. Used $180,000 of direct materials in production c. Incurred $450,000 of direct labor wages d. Incurred $180,000 of tactory overhead e Transferred $760,000 of work in process to finished goods. 1. Sold goods for $1,200,000 g Sold goods with a cost of $675,000 h. Incurred $215,000 of selling expense Lincurred $125,000 of administrative expens Required: Using the information given, complete the following: Prepare the January income statement for Sorensen Manufacturing Company. Be sure to complete the statement reading Refer to the Bar of Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choice for A con tomatically required Enter amounts p e r the amount calon har results in a negative amount For example: Netloss should be regate Expenses should be post b. Determine the inventory balances at the end of the first month of Check My Work