The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: Prepare a income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar.

1. Purchased $263,000 of materials.
2. Used $189,360 of direct materials in production.
3. Incurred $473,400 of direct labor wages.
4. Incurred $189,400 of factory overhead.
5. Transferred $799,500 of work in process to finished goods.
6. Sold goods for $1,262,400.
7. Sold goods with a cost of $710,100.
8. Incurred $226,200 of selling expense.
9. Incurred $131,500 of administrative expense.