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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 a producer of digital video monitors:

1. Purchased $61,400 of materials.
2. Used $47,300 of direct materials in production.
3. Incurred $70,600 of direct labor wages.
4. Incurred $99,500 of factory overhead.
5. Transferred $165,200 of work in process to finished goods.
6. Sold goods for $295,300.
7. Sold goods with a cost of $131,400.
8. Incurred $75,500 of selling expense.
9. Incurred $33,200 of administrative expense.

Using the information given, complete the following:

Determine the inventory balances at the end of the first month of operations.

Inventory balances on January 31:	Amount
Materials
Work in process
Finished goods