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 $259,000 of materials. used $186,480 of direct materials in production. incurred $466,200 of direct labor wages. incurred $186,500 of factory overhead. transferred $787,400 of work in process to finished goods. sold goods for $1,243,200. sold goods with a cost of $699,300. incurred $222,700 of selling expense. incurred $129,500 of administrative expense.