Income statement, and inventory balances

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 monitors: a. Purchased $270,000 of materials. b. Used $194,400 of direct materials in production. c. Incurred $486,000 of direct labor wages. d. Incurred $194,400 of factory overhead. e. Transferred $820,800 of work in process to finished goods. f. Sold goods for $1,296,000. g. Sold goods with a cost of $729,000. h. Incurred $232,200 of selling expense. i. Incurred $135,000 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. X Open spreadsheet Using the information given, complete the following: a. 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