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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 monito

a$.$ Purchased $$45,300$ of materials.

b$.$ Used $$34,900$ of direct materials in production.

c$.$ Incurred $$52,100$ of direct labor wages.

d$.$ Incurred $$73,400$ of factory overhead.

e$.$ Transferred $$121,900$ of work in process to finished goods.

f$.$ Sold goods for $$217,900.$

g$.$ Sold goods with a cost of $$96,900.$

h$.$ Incurred $$55,700$ of selling expense.

Incurred $$24,500$ of administrative expense.

Using the information given, complete the following:

a$.$ Prepare the January income statement for Sorensen Manufacturing Company.

Sorensen Manufacturing Company

Income Statement

For the Month Ended January $31$

Line Item Description

Amount

Amount

Line Item Description Amount Amount

Operating expenses: