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 $255,000 of materials. Used $183,600 of direct materials in production. Incurred $459,000 of direct labor wages. Incurred $183,600 of factory overhead. Transferred $775,200 of work in process to finished goods. Sold goods for $1,224,000. Sold goods with a cost of $688,500. Incurred $219,300 of selling expense. Incurred $127,500 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.a. Prepare the March income statement for Digital Vibe Manufacturing Company. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.b. Determine the inventory balances at the end of the first month of operations.