Calculate the ending balances on the company's balance sheet on January 31it. (Hint: Be sure to calculate the underapplied or overapplied overhead and then accour balance sheet.) Note: Ameunts to be deducted should be indicated by a minus sign. 1. Calculate the ending balances on the company's balance sheet on January 31st. (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 January? Complete this question by entering your answers in the tabs below. What is Morrison Company's net operating income for January? Morrison Company uses job-order costing to assign manufacturing costs to jobs, Its balance sheet on January 1 is as follows: During January the company completed the following transactions: a. Purchased raw moterials on account, $82,200, b. Raw materials used in production, $94,700 (\$75,000 was direct materials and $19,700 was indirect materials). c. Paid $194,700 of salaties and wages in cash ( $103,800 was direct labor, $43,800 was indirect labor, and $47,100 was related to employees responsible for selling and administration). d. Various manufacturing overhead costs incurred (on account) to support production, $43,350. e. Depreciation recorded on property, plant, and equipment, $56,800 (70\% related to manufacturing equipment and 30% related to t. Various selling expenses and administration). 9. Prepaid insurance expired, $1,800 ( 80% felated to production, and 20% related to selling and administration). h. Manufacturing overhead applied to production, $138,600. 1. Cost of goods manufactured, $299,400. k. Cost of goods sold (unt, $409,280. 1. Cash of goods sold (unadjusted), \$295,200. in. Underinents to creditors, $64,800. During January the company completed the following transactions: a. Purchased raw materials on account, $82,200. b. Raw materials used in production, $94,700 ( $75,000 was direct materials and $19,700 was indirect materials). c. Paid $194,700 of salaries and wages in cash ($103,800 was direct labor, $43,800 was indirect labor, and $47,100 was related to employees responsible for selling and administration). d. Various manufacturing overhead costs incurred (on account) to support production, $43,350. e. Depreciation recorded on property, plant, and equipment, $56,800 (70\% related to manufacturing equipment and 30% related to assets that support selling and administration). f. Various selling expenses paid in cash, $37,100. 9. Prepaid insurance expired, $1,800(80% related to production, and 20% related to selling and administration). h. Manufacturing overhead applied to production, $138,600. i. Cost of goods manufactured, $299,400. j. Cosh sales to customers, $409,280. k. Cost of goods sold (unadjusted), $295,200. 1. Cash payments to creditors, $64,800. n. Underapplied or overapplied overhead \$? Required: 1. Calculate the ending balances on the company's balance sheet on January 31st. (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 January