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 $44,500 of materials. b. Used $34,300 of direct materials in production. c. Incurred $51,200 of direct labor wages. d. Incurred $72,100 of factory overhead. e. Transferred $119,700 of work in process to finished goods. f. Sold goods for $214,000. g. Sold goods with a cost of $95,200. h. Incurred $54,700 of selling expense. i. Incurred $24,000 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Gross profit Cost of goods sold Operating expenses: Total operating expenses DO