The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors:

Purchased $245,000 of materials.

Used $176,400 of direct materials in production.

Incurred $441,000 of direct labor wages.

Incurred $176,400 of factory overhead.

Transferred $744,800 of work in process to finished goods.

Sold goods for $1,176,000.

Sold goods with a cost of $661,500.

Incurred $210,700 of selling expense.

Incurred $122,500 of administrative expense.

a. Prepare the January income statement for Sorensen Manufacturing Company.