Financial Statements of a Manufacturing Firm The following events took place for LAE Manufacturing Company during January 2014, the first month of its operations as a producer of di a. Purchased $42,600 of materials b. Used $32,800 of direct materials in production. c. Incurred $49,000 of direct labor wages. d. Incurred $69,000 of factory overhead. e. Transferred $114,600 of work in process to finished goods f. Sold goods with a cost of $91,200. g. Earned revenues of $204,900. h. Incurred $52,400 of selling expenses. i. Incurred $23,000 of administrative expenses Hide a. Prepare the January 2014 income statement for LAE anufacturing Company. LAEManufacturing Company Income Statement For the Month Ended January 2014 Operating expenses: Total operating expenses