The following events took place for Sorensen Manufactuning Company during January, the first month of its operations as a producer of digital video monitors: a. Purchased $265,000 of materials. b. Used $190,800 of direct materials in production c. Incurred 5477,000 of direct labor wages. d. Incurred $190,800 of factory overhead. e. Transferred $805,600 of work in process to finished goods. f. Sold goods for $1,272,000. 9. Sold goods with a cost of $715,500 h. Incurred $227,900 of selling expense. Incurred $132,500 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. 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 Revenue 1,272,000 Cost of goods sold 715,500 Previous Next ES 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 1,272,000 715,500 556,500 Cost of goods sold Gross profit Operating expenses: Selling expenses Administrative expenses Total operating expenses Net income 227,900 132,500 360,400 196,100 b. Determine the inventory balances at the end of the first month of operations. Round your answers to the nearest dollar. Sorensen Manufacturing Company Check My Work 227,900 Operating expenses: Selling expenses Administrative expenses Total operating expenses Net income 132,500 360,400 196,100 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