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 $235,000 of materials

Used $169,200 of direct materials in production.

Incurred $423,000 of direct labor wages.

Incurred $169,200 of factory overhead.

Transferred $714,400 of work in process to finished goods.

Sold goods for $1,128,000. Sold goods with a cost of $634,500.

Incurred $202,100 of selling expenses.

Incurred $117,500 of administrative expenses.

Using the information given, complete the following:

Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar.