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 $66,000 of materials. b. Used $50,800 of direct materials in production. c. Incurred 575,900 of direct labor wages. d. Incurred 5106,900 of factory overhead. e. Transferred $177,500 of work in process to finished goods. f. Sold goods for $317,500. g. Sold goods with a cost of $141,200. h. Incurred $81,200 of selling expense. i. Incurred 535,600 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. h. Incurred 581,200 of selling expense. i. Incurred $35,600 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Sorensen Manufacturing Company b. Determine the inventory balances at the end of the first month of operations. Sorensen Manufacturing Company Cost of Goods Manufactured for a Manufacturing Company The following information is available for Fuller Manufacturing Company for the month ending January 31 : Detenmine Fuller Manufacturing's cost of goods manufactured for the month ended January 31. Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information is available for Bandera Manufacturing Company for the month ending January 31 : a. For the month ended January 31, determine Bandera Manufacturing's cost of goods sold. b. For the month ended January 31, determine Bandera Manufacturing's gross profit. b. For the month ended January 31, determine Bandera Manufacturing's gross profit. c. For the month ended January 31, determine Bandera Manufacturing's net income