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 videa monitors: a. Purchosed 570,000 of materials. b. Used $53,900 of direct materiais in production. c. Incurred $80,500 of direct labor wages. d. Incurred $113,400 of foctory overhead. e. Transferred $188,300 of work in process to finithed goods. f. Sold goods for $336,700, 9. Sold goods with a cost of $149,800. h. Incurred $86,100 of selling expense. 1. Incurred $37,800 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. a. Prepare the January income statement for Sorensen Manufacturing Company. b. Determine the inventory balances at the end of the first month of operations