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:
DATA
Materials purchased		$262,000
Direct materials used in production		188,640
Direct labor wages		471,600
Factory overhead		188,600
Work in process transferred to finished goods		796,500
Sales revenue		1,257,600
Cost of goods sold		707,400
Selling expense		225,300
Administrative expense		131,000
Select the corresponding accounts in the dropdowns in cells B21:B23, B25:B26, B28. Using formulas and cell references, perform the required analysis, and input your answers into the green cells in the C and D columns. Transfer the numeric results for the green entry cells (D21:D23, C25:C26, D27:D28, C31:C33) into the appropriate fields in CNOWv2 for grading.
	Sorensen Manufacturing Company
	Income Statement
	For the Month Ended January 31			Formulas
a.	Selling expenses		$2,100,000		Your answer should be a formula.
	Operating expenses:
	Total operating expenses
	Inventory balances on January 31:
b.	Materials	$73,400		=C6-C9
	Work in process
	Finished goods