The following events took place for Sorensen Manufacturing Company during January, the a. Purchased $53,800 of materials. b. Used $41,400 of direct materials in production C. Incurred $61,900 of direct labor wages. d. Incurred $87,200 of factory overhead. e. Transferred $144,700 of work in process to finished goods. f. Sold goods for $258,800. g. Sold goods with a cost of $115,100. h. Incurred $66,200 of selling expense. i. Incurred $29,100 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Sorensen Manufacturing Company Income Statement For the Month Ended January 31 S Operating expenses: Total operating expenses b. Determine the inventory balances at the end of the first month of operations. Sorensen Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials Work in process Finished goods