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 $236,000 of materials. b. Used $169,920 of direct materials in production. c. Incurred $424,800 of direct labor wages. d. Incurred $169,900 of factory overhead. e. Transferred $717,400 of work in process to finished goods. f. Sold goods for $1,132,800. 9. Sold goods with a cost of $637,200. h. Incurred $203,000 of selling expense. . Incurred $118,000 of administrative expense. This information has been collected in the Microsoft Excel Oniine file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Using the information given, complete the foiiowing: a. Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest doiiar. Sorensen Manufacturing Company Income Statement For the Month Ended January 31 ' 4:] ' 4:] Operating expenses: Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest doilar. Sorensen Manufacturing Company Income Statement For the Month Ended January 31 ' $|_ _| Operating expenses: Total operating expenses I I ' $III b. 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 $I I Work in process $I I Finished goods $l l A B C D E F G H 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 $236,000 Direct materials used in production 169,920 Direct labor wages 424,800 Factory overhead 169,900 Work in process transferred to finished goods 717,400 Sales revenue 1, 132,800 Cost of goods sold 637,200 Selling expense 203,000 Administrative expense 118,000 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 la. Operating expenses: Total operating expenses Inventory balances on January 31: b. Materials Work in process Finished goods