Reference no: EM133151627

Question - 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:

1. Purchased $263,000 of materials.

2. Used $189,360 of direct materials in production.

3. Incurred $473,400 of direct labor wages.

4. Incurred $189,400 of factory overhead.

5. Transferred $799,500 of work in process to finished goods.

6. Sold goods for $1,262,400.

7. Sold goods with a cost of $710,100.

8. Incurred $226,200 of selling expense.

9. Incurred $131,500 of administrative expense.

10. Using the information given, complete the following:

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