Financial statements of a manufacturing firm The following events took place for Sorensen Manufacturing Company during lanuary, the first month of its operations as a producer of digital wideo menitors: a. Purchased $265,000 of materials. b. Used $205,200 of direct materials in production. c. Incurred $513,000 of direct labor wages. d. Incurred $205,200 of factory overhead. e. Transferred $866,400 of work in process to finished goodsi. t. 501d geods for $1,368,000. 9. Sold goods with a cost of $769,500. h. Incurred $245,100 of selling expense. 1. Incurred $142,500 of administrotive expense. This information thas been collected in the Microstoft Excel Online file. Open the spreadsheet, perform the required analyss, and input your answers in the questions belo X = Open spreadshet Using the infarmation given, complete the following: a. Prepare the January income statement for Sorepser Manufacturing company. Pound your answers to the nearest dollar. b. Determine the inventory balances at the end of the first month of operations. Pound your answers to the nearest dollar. Financial statements of a manufacturing firm The following events took place for Sorensen Manufacturing Company during lanuary, the first month of its operations as a producer of digital wideo menitors: a. Purchased $265,000 of materials. b. Used $205,200 of direct materials in production. c. Incurred $513,000 of direct labor wages. d. Incurred $205,200 of factory overhead. e. Transferred $866,400 of work in process to finished goodsi. t. 501d geods for $1,368,000. 9. Sold goods with a cost of $769,500. h. Incurred $245,100 of selling expense. 1. Incurred $142,500 of administrotive expense. This information thas been collected in the Microstoft Excel Online file. Open the spreadsheet, perform the required analyss, and input your answers in the questions belo X = Open spreadshet Using the infarmation given, complete the following: a. Prepare the January income statement for Sorepser Manufacturing company. Pound your answers to the nearest dollar. b. Determine the inventory balances at the end of the first month of operations. Pound your answers to the nearest dollar