Calculate the ending balances on the company's balance sheet on January ${31}^{st}.($Hint: Be sure to calculate the underapplied or

overapplied overhead and then account for its affect on the balance sheet.$)$

What is Morrison Company's net operating income for January?

Complete this question by entering your answers in the tabs below.

Calculate the ending balances on the company's balance sheet on January ${31}^{st}.($Hint: Be sure to calculate the underapplied or overapplied overhead and then account for

balance sheet.$)$

Note: Amounts to be deducted should be indicated by a minus sign. Note: Amounts to be deducted should be indicated by a minus sign. m$.$ Underapplied or overapplied overhead

$$?$

Required:

Calculate the ending balances on the company's balance sheet on January ${31}^{st}.($Hint: Be sure to calculate the underapplied or

overapplied overhead and then account for its affect on the balance sheet.$)$

What is Morrison Company's net operating income for January?

Complete this question by entering your answers in the tabs below.

Required $2$

What is Morrison Company's net operating income for January?

Net operating incomeDuring January the company completed the following transactions:

a$.$ Purchased raw materials on account, $$76,400.$

b$.$ Raw materials used in production, $$85,600($ $$66,800$ was direct materials and $$18,800$ was indirect materials$).$

c$.$ Paid $$183,400$ of salaries and wages in cash $($ $$101,800$ was direct labor, $$43,350$ was indirect labor, and $$38,250$ was related to

employees responsible for selling and administration$).$

d$.$ Various manufacturing overhead costs incurred $($on account$)$ to support production, $$46,350.$

e$.$ Depreciation recorded on property, plant, and equipment, $$73,200(70\%$ related to manufacturing equipment and $30\%$ related to

assets that support selling and administration$).$

f$.$ Various selling expenses paid in cash, $$28,250.$

g$.$ Prepaid insurance expired, $$2,050(80\%$ related to production, and $20\%$ related to selling and administration$).$

h$.$ Manufacturing overhead applied to production, $$139,400.$

i$.$ Cost of goods manufactured, $$298,700.$

j$.$ Cash sales to customers, $$407,600.$

k$.$ Cost of goods sold $($unadjusted$),$ $$294,000.$

I. Cash payments to creditors, $$74,400.$

m $.$ Underapplied or overapplied overhead $ $?.$

Required: