7:58:07 Tison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1is as follows Morrison Company Balance Sheet January 1 sets sh $ 40,500 w materials $ 15,100 rk in process 6,300 nished goods 22,650 44,ese epaid expenses 3,200 operty, plant, and equipment (net) 140.000 tal assets $ 227,750 abilities and Stockholders' Equity counts payable $ 12, 100 tained earnings 215,65e tal liabilities and stockholders' equity $ 227.750 ook ing January the company completed the following transactions Purchased raw materials on account. $92,400 raw materials used in production, $99.000 ($81.200 was direct materials and $17.800 was indirect materials) Pald $196,950 of salaries and wages in cash ($112.200 was direct lobor , $39,150 was Indirect labor, and $45,600 was related to employees responsible for selling and administration), Various manufacturing overhead costs incurred (on account) to support production, $40,200 Depreciation recorded on property, plant, and equipment, $70,000 (70% related to manufacturing equipment and 30% related to issets that support selling and administration) Various selling expenses paid in cash, $35,600 Prepaid insurance expired during the month. $2,000 (80% related to production, and 20% related to selling and administration Manufacturing overhead applied to production, $139,200 Cost of goods manufactured, $303,000 Dash sales to customers, $413,760 Cost of goods sold (unadjusted) $298,400. Cash payments to creditors, 562,400 Inderapplied or overapplied overhead_$ juired: alculate the ending balances that would be reported on the company's balance sheet on January 3151 (Hint Be sure to calculate underapplied or overapplied overhead and then account for its affect on the balance sheet) What is Morrison Company's net operating income for the month of January? slculate the ending balances that would be reported on the company's balance sheet on January 31 (Hint: Be sure to calculate the underapplied or overapplied overhead and count for its affect on the balance sheet.) (Amounts to be deducted should be indicated by a minus sign) Morrison Company Transaction Analysis For the Month Ended Juurary 31 Work in Finished Manufacturing Prepaid Accounts Retained Process Goods Overhead Expenses PPEE (net) Payable Earnings 6.300 S 22.6505 0$ 3.200 $140.000 - 12.00 $ 215.650 Raw Cash Materials $ 40.500 5 15.100 nsactions Beginning balances 11 Raw material purchases Raw materials used in production Salaries and wages Various overhead coats Depreciation Various seling Expiration of prepaid insurance Manufacturing overhead applied Cost of goods manufactured Sale Cost of goods sold Payments to creditors Ending balance 131 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is Morrison Company's net operating income for the month of January? Net operating income