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 $$284,000$ of materials.

b$.$ Used $$204,480$ of direct materials in production.

c$.$ Incurred $$511,200$ of direct labor wages.

d$.$ Incurred $$204,500$ of factory overhead.

e$.$ Transferred $$863,400$ of work in process to finished goods.

f$.$ Sold goods for $$1,363,200.$

g$.$ Sold goods with a cost of $$766,800.$

h$.$ Incurred $$244,200$ of selling expense.

i$.$ Incurred $$142,000$ 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.

Open spreadsheet

Using the information given, complete the following:

a$.$ Prepare the January income statement for Sorensen Manufacturing Company.

Sorensen Manufacturing Company Income Statement

For the Month Ended January $31$

$

$$

$

Operating expenses:

$$ $

$$

Total operating expenses $$

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