The following events took place for Sorensen Manufacturing Company during January, tha fost month of its operations as a producer of digital video monitors a. Puchased $137 200 of materials b. Used $94320 of direct materials in production cincurred $100,540 of direct labor wages. dincurred 5212,320 of factory overhead Transferred 5427 800 of work DIOCESS to shed goods Bold goods for 5055.000 Solid goods with a cost of $300.250 incurred 566,160 of sing expense incurred 570,250 of rative pense Required: Using the information complete the foowing Prepare the income statement for Sorensen Manufacturing Company Be sure to come the storie Refer to the stor Account Label and Amount Deocration provided for the sea wong choice for extentriot Along Womatically Durea Enderrosta poate number is the amount o contrative amount. For hold be gube ne should be ove Detene the inventar e end of the fast month of operations Accounts, Labels and Amount Descriptions Accounts Administrative expenses Cost of goods sold Selling expenses Revenues Labels For the Month Ended January 31 For the Year Ended January 31 Amount Descriptions Gross profit Net income Netloss Total operating expenses Precomendamochodowe Amor Com be Inventory Balances 5. Using the information given, determine the inventory balances at the end of the first month of operations Materials is Work in process S Finished goods