he following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors:

Purchased $247,000 of materials.

Used $177,840 of direct materials in production.

Incurred $444,600 of direct labor wages.

Incurred $177,800 of factory overhead.

Transferred $750,900 of work in process to finished goods.

Sold goods for $1,185,600. Sold goods with a cost of $666,900.

Incurred $212,400 of selling expense.

Incurred $123,500 of administrative expense.

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Using the information given, complete the following:

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

For the Month Ended January 31

Revenues $ fill in the blank 3 1,185,600

Cost of goods sold fill in the blank 5 666,900

Gross profit $fill in the blank 7 518,700 Operating expenses:

Selling expenses

$ 9 212,400

Administrative expenses 11 123,500

Total operating expenses 12 335,900

Net income $ ?