Financial Statements of a Manufacturing FirmThe following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors:Purchased $$41,700$ of materials.Used $$32,100$ of direct materials in production.Incurred $$48,000$ of direct labor wages.Incurred $$67,600$ of factory overhead.Transferred $$112,200$ of work in process to finished goods.Sold goods for $$200,600.$Sold goods with a cost of $$89,200.$Incurred $$51,300$ of selling expense.Incurred $$22,500$ of administrative expense.Using the information given, complete the following: