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 $221,000 of materials b. Used $159,120 of direct marials in production c. Incurred $397.800 of direct labor wages d. Incurred $159,100 of factory overhead e. Transferred $671,800 of work in process to finished goods, . Sold goods for 51,060,800. 9. Sold goods with a cost of $596,700. h. Incurred 5190,100 of selling expense 1. Incurred $110.500 of administrative expense. B D E F Financial statements of a manufacturing firm 2 The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: 3 3 DATA Materials purchased $221,000 Direct materials used in production 159,120 Direct labor wages 397,800 Factory overhead 159,100 Work in process transferred to finished goods 671,800 1 Sales revenue 1,060,800 Cost of goods sold 596,700 3 Selling expense 190,100 4 Administrative expense 110,500 Select the corresponding accounts in the dropdowns in cells B21:B23, B25:B26, B28. Using formulas and cell references, perform the required analysis, and input your answers into the green cells in the C and D columns. Transfer the numeric results for the green entry cells (D21:023, C25:C26, D27:028, C31:033) into the appropriate fields in CNOWV2 for grading. Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Formulas a Operating expenses: Total operating expenses Inventory balances on January 31: b. Materials Work in process Finished goods a. Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar. Sorensen Manufacturing Company Income Statement 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 Work in process Finished goods