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 $49,800 of materials. b. Used $38,300 of direct materials in production. c. Incurred $57,300 of direct labor wages. d. Incurred $80,700 of factory overhead. e. Transferred $134,000 of work in process to finished goods. f. Sold goods for $239,500. g. Sold goods with a cost of $106,600. h. Incurred $61,300 of selling expense. i. Incurred $26,900 of administrative expense. Using the information given, complete the following