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 monitors: a. Purchased $45,500 of materials. b. Used $35,000 of direct materiais in production. c. Incurred $52,300 of direct labor wages. d. Incurred $73,700 of factory overhead. e. Transferred $122,400 of work in process to finished goods. f. Sold goods for $218;900, 0. Sold goods with a cost of $97,400. h. Incurred $56,000 of selling expense. 1. Incurred $24,600 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. a. Prepare the January income statement for Sorensen Manufacturing Company. b. Determine the inventory balances at the end of the first month of operations