The following events took piace for Sorensen Manufacturing Company during January, the frst month of its operations as a producer o

$.$ Purchased $$138,800$ of maleriaks.

b$.$ Used $$94,780$ of direct maieriak in production.

c$.$ incurred $$181,290$ of drect labor wages.

d$.$ Incurred $$213,200$ of factory creibead.

e$.$ Transterted $$428,060$ of work in procpsg to inthed oasds.

$1$ Sold gobts for $$654,000.$

$9.$ Soid goods with R cans of $$360,750.$

h$.$ incurred $885,320$ of seling cipense.

$1$ incurted $570,650$ of adminisirative expense.

Required:

Using the information gven, complete the falcuving

a Preper the January income sralkment for Sorensen Manolecturng Campany.

b$.$ Determe the inventory balincess of the end of the first manth of acerations.

Accounts, Labels and Amount Descriptions

Accounts

Administrative expenses

Cost of goods sold

Selling expenses

Revenues

Labels

For the Month Ended January $31$

For the Year Ended January $31$

Operating expenses

Amount Descriptions

Gross profit

Net income

Net loss

Total operating expenies

theoms Stathment

Sorensen Manufacturing Company

Income Statement

For the Manth Ended January $31$

$1$ Reverupes

$1$ Cost of goods sold

$3$

$4$ Coperting expensas:

$5$ Selling expenses

$4$ Administratima expenses

T