Answer Happy

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 $220,000 of materials. b. Used $158,400 of direct materials in production. c. Incurred $396,000 of direct labor wages. d. Incurred $158,400 of factory overhead. . Transferred $668,800 of work in process to finished goods. f. Sold goods for $1,056,000. g. Sold goods with a cost of $594,000. h. Incurred $189,200 of selling expense. i. Incurred $110,000 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.