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Problem 34-4 Transaction Analysis [LO3-5) Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: $ 4e, see Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Libilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $15,100 6,300 22,55e 44,ese 3.200 140,000 $ 227.750 $ 12.10 215,65e 227.750 During January the company completed the following transactions: a. Purchased raw materials on account, 92.400 b. Raw materials used in production, $99.000 (581200 was direct materials and $17,800 was indirect materials Pad 5106950 of salaries and wages in cash (5112.200 was direct labor, $39.150 was indirect labor and $45.600 was related to employees responsible for selling and administration Vanous manufacturing overhead costs incurred on account to support production S40 200 Depreciation recorded on property, plant, and equipment, 570,000 (70% related to manufacturing equipment and 30% related to assets that support selling and administration Various sing expenses paid in cash. $35.600 Preped insurance expwed during the month $2.000 BOX related to production, and 20% related to selling and administration h Manufacturing overhead applied to production, $139.200 Cost of goods manufactured, $303 000 1 Cash sales to customers, 5413760 Cost of goods sold (unadjusted) $298.400 Cash payments to creditors, 562.400 m Underapplied or overapplied overhead Required ending balances that would be reported on the company's balance sheet on January 31 ene be sure to calculate the dered overed overhead and then account for safect on the balance sheet) 2W M Cory's net operating income for the month of January Required: 1. Calculate 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 then account for its affect on the balance sheet.) 2. What is Morrison Company's net operating income for the month of January? comprendere la necesite en damuay t.me Complete this question by entering your answers in the tabs below. Required 1 Calculate the ending balances that would be reported on the company's balance sheet on January 31. (Hint: Be sure to calculate the underapplied or overappliet for its affect on the balance sheet.) (Amounts to be deducted should be indicated by a minus sign) B W Materials 15,100 Transaction Analysis For the Month Ended January 31 Manulecturing Process Overhead $ 6.300 22650 Prepaid Expenses 3.200 Accounts Payable $ 12,100 Retained Earnings $ 215.650 3 40.500 $ 140,000 Beginning balances 01/1 (a) Raw material purchases Raw materials used in production a Sandweges (d) Various overhead costs () Depreciation Exption of prepardurance on Manufacturing ved applied Cost of goods manufactured Tao Cantal goods ante 0 Payments to rados Engances 11 Required 2 >