accounting majors please help!
Problem 3A-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 $ 40, seg Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $ 15,109 6,380 22,65e 44,5 3,209 140, 5 227,758 12,100 215,650 $ 2271750 During January the company completed the following transactions a. Purchased raw materials on account, $92,400. b. Raw materials used in production, $99,000 (581,200 was direct materials and $17.800 was indirect materials Paid $196,950 of salaries and wages in cash ($112,200 was direct labor. 539.150 was indirect labor, and $45.600 was related to employees responsible for selling and administration) d. Various manufacturing overhead costs incurred (on account to support production, $40.200. e. Depreciation recorded on property, plant, and equipment, $70,000 (70% related to manufacturing equipment and 30% related to assets 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) h Manufacturing overhead applied to production, $139,200. Cost of goods manufactured, $303.000. J. Cash sales to customers, $413760. k. Cost of goods sold (unadjusted). $298.400. 1. Cash payments to creditors, $62.400. m Underapplied or overapplied overhead_$? Required: 1. Calculate the ending balances that would be reported on the company's balance sheet on January 31, (int Be sure to calculate the underapplied or overapplied overhead and then account for its affect on the balance sheet) mungerappued or overapped overnea : 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 Complete this question by entering your answers in the tabs Required 1 Required 2 Calculate the ending balances that would be reported on the company's balance sheet on January 31 for its affect on the balance sheet.) (Amounts to be deducted should be indicated by a m i ) t Be sure to calculate the underapplied or overapplied overhead and then account Transaction Analysis For the Month Ended January 31 nula Prepa Transactions W Cash $ 40 500 PPAE nel - Accounts 5 15,100 $ 6.2005 22650 S Tr THE Beginning balances 11 (a) Raw material purchases (b) Raw materials used in production Salaries and wages (dVarious overhead costs (a) Depreciation Various sing expenses (g) Explication of prepaid insurance c) Manufacturing overhead applied Cost of goods manufactured Sales Coul of goods 0 Payments to creditors Ending balances @ 1/31 Required 2 > a. Purchased raw materials on account, $92,400. b. Raw materials used in production, $99,000 (581.200 was direct materials and $17,800 was indirect materials). C. Paid $196,950 of salaries and wages in cash ($112,200 was direct labor, $39,150 was indirect labor, and $45,600 was related to employees responsible for selling and administration) d. Various manufacturing overhead costs incurred (on account) to support production, $40.200 e. Depreciation recorded on property, plant, and equipment, $70,000 (70% related to manufacturing equipment and 30% related to assets that support selling and administration). f. Various selling expenses paid in cash, $35,600. g. Prepaid insurance expired during the month, $2,000 (80% related to production, and 20% related to selling and administration). h. Manufacturing overhead applied to production, $139,200. 1. Cost of goods manufactured, $303,000. J. Cash sales to customers, $413760 k. Cost of goods sold (unadjusted). $298.400. 1. Cash payments to creditors, $62.400. m. Underapplied or overapplied overhead_$? 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 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
