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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 $277,000 of materials. Used $199,440 of direct materials in production. Incurred $498,600 of direct labor wages. Incurred $199,400 of factory overhead. Transferred $842,100 of work in process to finished goods. Sold goods for $1,329,500. Sold goods with a cost of $747,900. . Incurred $238,200 of selling expense. Incurred $138,500 of administrative expense. Ian swap 9'!\" This information has been collected in the Microsoft Excel Online le. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. )- Open spreadsheet Using the information given, complete the following: 3. 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 VI 2' 1,329,600 '0' Cost of goods sold I 747,900 J Gross profit 4' :- 581,700 vl Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Revenues if '.' 1,329,600 1/ Cost of goods sold if 747,900 if Gross profit J -.- 581,700 1/ Operating expenses: Selling expenses 1/ '.' 238,200 \\f Administrative expenses if 138,500 / Total operating expenses 376,700 if Net income 0' '.' 205,000 if b. Determine the inventory balances at the end of the first month of operations. Round your answers to the nearest dollar. Sorensen Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Materials '.' 77,560 Finished goods '.' 94,200 KKK

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