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Financial Statements of a Manufacturing FirmThe following events took place for Sorensen Manufacturing Company during...

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Accounting

Financial Statements of a Manufacturing FirmThe following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors:Purchased $41,700 of materials.Used $32,100 of direct materials in production.Incurred $48,000 of direct labor wages.Incurred $67,600 of factory overhead.Transferred $112,200 of work in process to finished goods.Sold goods for $200,600.Sold goods with a cost of $89,200.Incurred $51,300 of selling expense.Incurred $22,500 of administrative expense.Using the information given, complete the following:

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