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 $43,200 of materials. b. Used $33,300 of direct materials in production. c. Incurred $49,700 of direct labor wages. d. Incurred $70,000 of factory overhead. e. Transferred $116,200 of work in process to finished goods. f. Sold goods for $207,800. g. Sold goods with a cost of $92,400. h. Incurred $53,100 of selling expense. i. Incurred $23,300 of administrative expense.