UN 365 Calculator Selling expenses 209,800 Administrative expenses 122,000 Total operating expenses Net income 331,800 180,600 b. Determine the inventory balances at the end of the first month of operations. Round your answers to the nearest dollar. Sorensen Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials $ 244,000 X Work in process 741,200 X Finished goods 741,200 X Feedback Check My Work a. Use "f, g, h, and i" in preparing the income statement. b. Show the transactions in T accounts for materials, work in process, and finished goods. Check My Work eBook Show Me How Office 365 Calculator Financial statements of a manufacturing firm 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 $244,000 of materials. b. Used $175,680 of direct materials in production. c. Incurred $439,200 of direct labor wages d. Incurred $175,700 of factory overhead. e. Transferred $741,800 of work in process to finished goods. f. Sold goods for $1,171,200. 9. Sold goods with a cost of $658,800. h. Incurred $209,800 of selling expense. i. Incurred $122,000 of administrative expense. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions X Open spreadsheet Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar. Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Revenues 1,171,200 Cost of goods sold 658,800