The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video m a. Purchased $66,000 of materials: b. Used $50,800 of direct materials in production. c. Incurred $75,900 of direct labor wages. d. Incurred $106,900 of foctory overhead. c. Transferred $177,500 of work in process to finished goods, f. Sold goods for $317,500. 9. Soid goods with a cost of $141,200. h1 Incurred $81,200 of selling expense. 1. Incurred $35,600 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Check My Work a. Use "f, g, h, and I" in preparing the income statement. b. Determine the inventory balances at the end of the first month of operations