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:

1. Purchased $240,000 of materials.
2. Used $172,800 of direct materials in production.
3. Incurred $432,000 of direct labor wages.
4. Incurred $172,800 of factory overhead.
5. Transferred $729,600 of work in process to finished goods.
6. Sold goods for $1,152,000.
7. Sold goods with a cost of $648,000.
8. Incurred $206,400 of selling expense.
9. Incurred $120,000 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 questions below.

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 $240,000 of materials b. sed $172,800 of direct materials in production G. Incul $432,000 of direct labar wages. d. Curred $172,800 of lectory overhead e Transferred $729,600 of work in process to finished joels. f. Sold goods for $1,152,000. 9. Sold yeeds with a cost of $648,000 f. Incurred $206,400 u selling experce i. Incurred $120,000 of ministrative experse This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and inout your answers in the questons below x Open heel Using the information given, complete the following: Prepare the January income statement for Sorensen Marufacturing Company, Rourd your answers to the nearest coler Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Operating experses Total Operating expenses 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 $ Finished goods $