The following events took place for Sorensen Manutacturing Company during January, the first month of its operations as a producer of digtal video montors: a. Purchased $135,600 of maserials. b. Used $94,840 of diect materials in production. c. Incurted $183,840 al drect labor wages: d. Incurred $211.760 of factocy overtioed. e. Transterred 5427,460 of work in precess to tinished 000ds. t. Sold goods for $666,000. 9. Sold goods with a cost of $397,750. h. Incurred $84980 of selling expense. i incurred 570,500 of administratwe expense. Required: Using the information given, complete the following: a. Frepare the January income statement for Sorensen Manutacturing Company b. Determine the imventery balances at the end of the first month of eperations. a. Prepare the January income statement for Sorensen Manufacturing Company. b. Using the information given, determine the inventory balances at the end of the first month of operations. Materials Work in process Finished goods