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 $230,000 of materials. b. Used $165,600 of direct materials in production. C. Incurred $414,000 of direct labor wages. d. Incurred $165,600 of factory overhead. e. Transferred $699,200 of work in process to finished goods. f. Sold goods for $1,104,000. g. Sold goods with a cost of $621,000. h. Incurred $197,800 of selling expense. 1. Incurred $115,000 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. Income Statement Too For the Month Ended January 31 Revenues Cost of goods sold Gross profit Operating expenses: Selling expenses Administrative expenses Total operating expenses Net income 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 $ 230,000 x Work in process Finished goods