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:

Purchased $273,000 of materials.

Used $196,560 of direct materials in production.

Incurred $491,400 of direct labor wages.

Incurred $196,600 of factory overhead.

Transferred $829,900 of work in process to finished goods.

Sold goods for $1,310,400.

Sold goods with a cost of $737,100.

Incurred $234,800 of selling expense.

Incurred $136,500 of administrative expense.

Using the information given, complete the following:

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
Administrative expenses Gross profitRevenuesSelling expenses		$fill in the blank
Administrative expenses Cost of goods sold Finished goodsWork in process		fill in the blank
Administrative expenses Gross profit Net income Selling expenses		$fill in the blank
Operating expenses:
Cost of goods sold Materials Revenues Selling expenses	$fill in the blank
Administrative expenses Cost of goods sold Gross profit Work in process	fill in the blank
Total operating expenses		fill in the blank
Net income Net loss		$fill in the blank

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	$fill in the blank
Work in process	$fill in the blank
Finished goods	$fill in the blank