what is materials, work in process, and finished goods ?

Financial Statements of a Manufacturing Firm The following events took place for Sorensen Manufachuring Company during January, the first month of its operations as a producer of digcal video monitors: a. Purchased $51,600 of materials b. Used $39,700 of direct materials in production. c. Incurred $59,300 of direct labor wages. d. Incurred 583,600 of factory overhead. e. Transferred $138,800 of work in process to finished goods: C. Sold goods for $248,200. 9. Sold goods with a cost of $110,400. h. incurred $63,500 of selling expense. 1. Incurred $27,900 of administrative expense. Using the information given, complete the following: a. Prepare the January income statemeot for Sorensen Manufacturng Compony. a. Use 7,0,h and C in preparing the income suanement b. Determine the invertery balances at the end of the first manth of operations