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Formulas Data Review View Help Tell me what you want to do Editing Arial 10 B V A General 00 B21 G H 1 2 D E 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 3 producer of digital video monitors: 4 5 DATA 6 Materials purchased $244,000 7 Direct materials used in production 175,680 8 Direct labor wages 439,200 9 Factory overhead 175,700 10 Work in process transferred to finished goods 741,800 11 Sales revenue 1,171,200 12 Cost of goods sold 658,800 13 Selling expense 209.800 14 Administrative expense 122.000 15 Select the corresponding accounts in the dropdowns in colls 21623, :326, 6:28. Using formulas and coll references, perform the required analysis, and input your answers into the green cells in the C and D columns. Transfer the numeric results for the green entry cells (D21D23, C25C26, D27 D28, C31:C33) into the appropriate fields in CNOWV2 for grading. 16 17 18 Sorensen Manufacturing Company 19 Income Statement 20 For the Month Ended January 31 Formulas 21 22 23 24 Operating expenses 25 26 27 Total operating expenses 28 29 30 Inventory balances on January 31: 31 b. Materials A Data + a Calculation Mode: Automatic Workbook Statistics B21 A D DOO 11 Sales revenue 1,171,200 12 Cost of goods sold 658,800 13 Selling expense 209,800 14 Administrative expense 122,000 15 Select the corresponding accounts in the dropdowns in cells B21:323, 25:826, 28. Using formulas and cell references, perform the required analysis, and input your answers into the green cells in the C and D columns. Transfer the numeric results for the green entry cells (D21:023, C25:C26, D27:D28, C31:C33) into the appropriate fields in CNOWV2 for grading. 16 Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Formulas Operating expenses Total Operating expenses 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Inventory balances on January 31: b. Materials Work in process Finished goods Ante Ch. 18 HW exercises ebook Show Me How Office 365 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 $244,000 of materials b. Used $175,680 of direct materials in production .. Incurred 5439,200 of direct labor wages. d. Incurred $175,700 of factory overhead. e. Transferred $741,800 of work in process to finished goods. 1. Sold goods for $1,171,200. 9. Sold goods with a cost of $658,800 h. Incurred $209,800 of selling expense. Incurred 5122,000 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, X1 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 Revenues Cost of goods sold Gross profit Operating expenses: Selling expenses Check My Work Assignment Score: 92.19% All work saved Save How exercises eBook Show Me How Office 365 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 Revenues Cost of goods sold Gross profit Operating expenses: Selling expenses Administrative expenses Total operating expenses Net income b. Determine the inventory balances at the end of the first month of operations, Round your answers to the nearest dollar. Sorensen Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials Work in process Finished goods