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 $46,700 of materials. b. Used $36,000 of direct materiais in production. c. Incurred $53,700 of direct labor wages. d. Incurred $75,700 of factory overhead. e. Transferred $125,600 of work in process to finished goods. f. Sold goods for $224,600. 9. Sold goods with a cost of $99,900. h. Incurred $57,400 of selling expense. I. Incurred $25,200 of administrative expense. Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Determine the inventory balances at the end of the first month of operations