Financial Statements of a manufacturing firm The following events took place for Sorensen Manufacturing Companyr during January, the first month of its operations as a producer of digital video monitors: a. Purchased $282,000 of materials. b. Used $203,040 of di"ect meteria sin production. c. Incurred $507,500 of direct labor wages. d. Incurred $203,000 of \" tcr'. 3 =ad. e. Transferred $857,300 of' kin process to " l" sl'sd gc-zcls. f. Sold goods for $1,353,600. 9. Sold goods with a cos: of $761,400. h. Incurred $242,500 of selling expense. i. Incurred $141,000 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. Oper' spreadsheet Using the information given, complete the following: a. Prepare the Januan,r income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar. Sorensen Manufacturing Company Income Statement For the Month Ended January 31 _~ $3 . $:| Operating expenses: Total opera ting expenses |:| - $E b. Determine the inventory balances at the end of the rst month of operations. Round your answers to the nearest dollan