Financial statements of a manufacturing firm The following events took place for Sorensen Manufacturing Company during Jancary, the first month of its operations as a producer of digital video monitors: Purchased $$250,000$ of materiaks. Used $$180,000$ of direct materials in production. Incurred $$450,000$ of drect babor wages, Incurred $S180,000$ of factory owertead tramberred $$760$ wob of work in process to finished goods. Sold goods for $$1,200,000.$ Sold goods with a cost of $$675,000.$ Incurred $$215,000$ of selling eaperse. Incurred $$125,000$ of adminstrative experse. 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 dolar. Sorersen Manufacturing Company Income Statement For the Month Ended January $31$ Sfill in the blank $3$ fill in the blank $5$ Sfill in the blank $7$ Operating expenses: SfII in the blank $9$ riti in the blark $11$ Total operating expenses fill in the blank $12$ Sfill in the blank $14$ Determine the inventory balances at the end of the first month of operations. Round your answers to the nearest dolle Sorensen Manutactiering Company Inventory Balances For the Month Ended January $31$ Inventory balances on January $31$: Materials Sfill in the blank $15$ Work in process Still in the blark $16$ Finished goods Sati in the blark $17$ Check My Work