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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:

Purchased $257,000 of materials.

Used $185,040 of direct materials in production.

Incurred $462,600 of direct labor wages.

Incurred $185,000 of factory overhead.

Transferred $781,300 of work in process to finished goods.

Sold goods for $1,233,600.

Sold goods with a cost of $693,900.

Incurred $221,000 of selling expense.

Incurred $128,500 of administrative expense.

Using the information given, complete the following:

Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar.

Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar. b. Determine the inventory balances at the end of the first month of operations. Round your answers to the nearest dollar