Income Statemen

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

Income Statement instructions

Financial statements of a manufacturing firm Accounts, Lanels and Annount Descriptin Instructions Income StatenEnt n ventory Balances Income Statement Shaded cells have feedbac' score: 0/73 Inventory Balances Shaded cells have feedback 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 $133,400 of materials. b Used 94,980 of direct materials in production c. Incurred S180,320 of direct labor wages Incurred $215,440 Transferred S42S,880 of work in to finished ggg$_ f Sold goods for $645,000. Sold goods with a cost of S368,75ff Incurred "5,120 of selling expense i. Incurred 571 ,400 of administrative expense Required : the informstion giusn, complete the folJ0'mrg: Accounts, Labels and Amount Descriptions Prepare the January income statement for Sorensen Msnufsct'_mng Company Administrative expenses Cost of goods sold Selling expenses Revenues For the Month Ended January 31 For the Year Ended January 31 Operating expens es Ions Gross profit Net income Net loss Total operating expenses & Prepare the January incomns statement for Sorensen Msnufscturing Company Incomns Ststemnsnt instrwtions Sorensen Manufacturing Company Income Statement For the Year Ended January 31 4 (Label) b. Using the informstion given, determirns the inventory' bsbrces st the of the first month of Materials Work in process Finished goods S Feedback Check My Work Show the transactions in T accounts for materials, work in process inventory, and finished goods inventory.