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:

Purchased $$250,000$ of materials.

Used $$180,000$ of direct materials in production.

Incurred $$450,000$ of direct labor wages.

Incurred $$180,000$ of factory overhead.

Transferred $$760,000$ of work in process to finished goods.

Sold goods for $$1,200,000.$

Sold goods with a cost of $$675,000.$

Incurred $$215,000$ of selling expense.

Incurred $$125,000$ of administrative expense.

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.

Open spreadsheet

Using the information given, complete the following:

Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar.

Sorensen Manufacturing Company

Income Statement

For the Month Ended January $31$

$fill in the blank $3$

fill in the blank $5$

$fill in the blank $7$

Operating expenses:

$fill in the blank $9$

fill in the blank $11$

Total operating expenses fill in the blank $12$

$fill in the blank $14$

Determine the inventory balances at the end of the first month of operations. Round your answers to the nearest dollar.

Sorensen Manufacturing Company

Inventory Balances

For the Month Ended January $31$

Inventory balances on January $31$:

Materials $fill in the blank $15$

Work in process $fill in the blank $16$

Finished goods $fill in the blank $17$

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