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 $241,000

Direct materials used in production 173,520

Direct labor wages 433,800

Factory overhead 173,500

Work in process transferred to finished goods 732,600

Sales revenue 1,156,800

Cost of goods sold 650,700

Selling expense 207,300

Administrative expense 120,500

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.

Operating expenses:

Total operating expenses

Inventory balances on January 31:

b. Materials

Work in process

Finished goods