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 $255,000 of materials. b. Used $183,600 of direct materials in production. C. Incurred $459,000 of direct labor wages. d. Incurred $183,600 of factory overhead. e. Transferred $775,200 of work in process to finished goods. f. Sold goods for $1,224,000. g. Sold goods with a cost of $688,500. h. Incurred $219,300 of selling expense. . Incurred $127,500 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. 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 $ 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: DATA Materials purchased Direct materials used in production Direct labor wages Factory overhead Work in process transferred to finished goods Sales revenue Cost of goods sold Selling expense Administrative expense $255,000 183,600 459,000 183,600 775,200 1,224,000 688,500 219,300 127,500 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:D23, C25:C26, D27:D28, C31:C33) 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