Please answer parts A and B.Thank you! GO4:19 12 3engagenow.com+The following events took place for Sorensen ManufacturingCompany during January, the first month of its operations as aproducer of digital video monitors:a. Purchased $285,000 of materials.b. Used $205,200 of direct materials in production.c. Incurred $513,000 of direct labor wages.f. Sold goods for $1,368,000.g. Sold goods with a cost of $769,500.h. Incurred $245,100 of selling expense.i. Incurred $142,500 of administrative expense.d. Incurred $205,200 of factory overhead.e. Transferred $866,400 of work in process to finished goods.Open spreadsheetThis information has been collected in the Microsoft ExcelOnline file. Open the spreadsheet, perform the requiredanalysis, and input your answers in the questions below.Using the information given, complete the following:a. Prepare the January income statement for SorensenManufacturing Company. Round your answers to the nearestdollar.Sorensen Manufacturing CompanyOperating expenses:Income StatementFor the Month Ended January 31OONTotal operating expenses000Work in processFinished goodsSorensen Manufacturing CompanyInventory BalancesFor the Month Ended January 31Inventory balances on January 31:Materialsb. Determine the inventory balances at the end of the firstmonth of operations. Round your answers to the nearestdollar....| 90%D2L32CD2L+ X template234171856 Materials purchased$285,000205,2007 Direct materials used in production8Direct labor wages513,0009Factory overhead205,20010Work in process transferred to finished goods 866,40011 Sales revenue1,368,000769,50012 Cost of goods sold13 Selling expense14 Administrative expense152021 a.222333343536373825262728293031 b. Materials32394041424344454647484950515253544:23 125556575859Select the corresponding accounts in the dropdowns in cells B21:823, B25:B26, B28, Using formulas and cell references,perform the required analysis, and input your answers into the green cells in the C and D columns. Transfer the numeric16 results for the green entry cells (D21:023, C25 C26, D27:D28, C31:C33) into the appropriate fields in CNOWV2 for grading.60616263646566676869707172737475767778798081828384858687888990✪ about:blankFinancial statements of a manufacturing firmThe following events took place for Sorensen Manufacturing Company during January, the first month of its operations as aproducer of digital video monitors:Operating expensesDATASorensen Manufacturing CompanyIncome StatementFor the Month Ended January 31Total operating expensesWork in processFinished goodsInventory balances on January 31:Data245,100142,500D2LD000OONC+D2Lall 90%Formula33GEdit ...(+H

Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…

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 $285,000 of materials. b. Used $205,200 of direct materials in production. c. Incurred $513,000 of direct labor wages. d. Incurred $205,200 of factory overhead. e. Transferred $866,400 of work in process to finished goods. f. Sold goods for $1,368,000. g. Sold goods with a cost of $769,500. h. Incurred $245,100 of selling expense. i. Incurred $142,500 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. X Open spreadsheet Using the information given, complete the following: a. 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 Operating expenses: Total operating expenses 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 Work in process Finished goods 000

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q