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Financial statements of a manufacturing firm The following events took place for Sorensen Manufacturing Company...

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Accounting

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 $284,000 of materials.
b. Used $204,480 of direct materials in production.
c. Incurred $511,200 of direct labor wages.
d. Incurred $204,500 of factory overhead.
e. Transferred $863,400 of work in process to finished goods.
f. Sold goods for $1,363,200.
g. Sold goods with a cost of $766,800.
h. Incurred $244,200 of selling expense.
i. Incurred $142,000 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.
Sorensen Manufacturing Company Income Statement
For the Month Ended January 31
$
$
Operating expenses:
$
Total operating expenses
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