The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors a. Purchased $59.600 of materials Used $45.900 or het materials in production incurred $68.500 of direct labor wages d. Encurred 596,600 of factory averitat Transferred $160,300 of work in process to finished goods Sold goods for $206,700 Sold goods with a cost of $127,500 Incurred $3.300 of selling expense incurred $32.200 of administrative expense Ung them to given, complete the following: Prepare the income statement for Sorensen Manufacturing Company Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Tag 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