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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 producer of digital video monitors: 3. Purchased $250,000 of materials b. Used $180,000 of direct materials in production c. Incurred $450,000 of direct labor wages. d. Incurred $180,000 of factory overhead e. Transferred $760,000 of work in process to finished good 1. Sold goods for 51,200,000 9. Sold goods with a cost of $675,000 h. Incurred 5215,000 of selling expense L incurred $125,000 of administrative expenses Using the information given, complete the following: - Prepare the January income statement for Sorensen Manufacturing Corrigany Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Operating expenses Totalcoring expenses co USC 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 Operating expenses: Total operating expenses b. Determine the inventory balances at the end of the first month of operations Sorensen Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials Work in process Finished goods