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 $68,000 of materials. b. Used $52,400 of direct materials in production. c. Incurred $78,200 of direct labor wages. d. Incurred $110,200 of factory overhead. e. Transferred $182,900 of work in process to finished goods. f. Sold goods for $327,100. g. Sold goods with a cost of $145,500. h. Incurred $83,600 of selling expense. 1. Incurred $36,700 of administrative expense. 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 Line Item Description Amount Amount Operating expenses: Total operating expenses 00 100 000