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 $61,000 of materials. Used $47,000 of direct materials in production. Incurred $70,200 of direct labor wages. Incurred $98,800 of factory overhead. Transferred $164,100 of work in process to finished goods. Sold goods for $293,400. Sold goods with a cost of $130,500. Incurred $75,000 of selling expense. Incurred $32,900 of administrative expense. Using the information given, complete the following: Question Content Area a. Prepare the January income statement for Sorensen Manufacturing Company