a$.$ Purchased $$264,000$ of materials.

b$.$ Used $$190,080$ of direct materials in production.

c$.$ Incurred $$475,200$ of direct labor wages.

d$.$ Incurred $$190,100$ of factory overhe $.$

e$.$ Transferred $$802,600$ of work in process to finished goods.

f$.$ Sold goods for $$1,267,200.$

g$.$ Sold goods with a cost of $$712,800.$

h$.$ Incurred $$227,000$ of selling expense.

i$.$ Incurred $$132,000$ 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 below.

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 $$

Cost of goods sold $$

Gross profit $$

Operating expenses:

Selling expenses $$

Administrative expenses $$

Total operating expenses

Net income $$

b$.$ Determine the inventory balances at the end of the first month of operations. Round your answers to the nearest dollar.