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 $232,000 of materials. b. Used $167,040 of direct materiais in production. c. Incurred $417,600 of direct labor wages. d. Incurred $167,000 of factory overhead. e. Transferred $705,300 of work in process to finished goods, f. Sold goods for $1,113,600. 9. Sold goods with a cost of 5626,400 . h. Iricurred $199,500 of selling expense. 1. Incurred $116,000 of administrative expense. This information has been coliected 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 Sorencen Manufacturing Company. found your answers to the nearest doliar. Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar. b. Determine the inventory balances at the end of the first month of operations. Round your answers to the nearest dollar