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:

1. Purchased $258,000 of materials.
2. Used $185,760 of direct materials in production.
3. Incurred $464,400 of direct labor wages.
4. Incurred $185,800 of factory overhead.
5. Transferred $784,300 of work in process to finished goods.
6. Sold goods for $1,238,400.
7. Sold goods with a cost of $696,600.
8. Incurred $221,900 of selling expense.
9. Incurred $129,000 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.