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 $272,000 of materials.
2. Used $195,840 of direct materials in production.
3. Incurred $489,600 of direct labor wages.
4. Incurred $195,800 of factory overhead.
5. Transferred $826,900 of work in process to finished goods.
6. Sold goods for $1,305,600.
7. Sold goods with a cost of $734,400.
8. Incurred $233,900 of selling expense.
9. Incurred $136,000 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:

Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar