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Problem 3A-4 (Algo) 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: During January the company completed the following transactions: a. Purchased raw materials on account, $83.200. b. Raw materials used in production, $96,700 (\$80,200 was direct materials and $16,500 was indirect materials). c. Paid $173,600 of salaries and wages in cash (\$96,200 was direct labor, $38,850 was indirect labor, and $38,550 was related to employees responsible for selling and administration). During January the company completed the following transactions: a. Purchased raw materials on account, $83,200. b. Raw materials used in production, $96,700 ( $80,200 was direct materials and $16,500 was indirect materials). c. Paid $173,600 of salaries and wages in cash (\$96,200 was direct labor, $38,850 was indirect labor, and $38,550 was related to employees responsible for selling and administration). d. Various manufacturing overhead costs incurred (on account) to support production, $45.900. e. Depreclation recorded on property, plant, and equipment. $77.200 (70\% related to manufacturing equipment and 30% related to assets that support selling and administration) f. Various seling expenses pald in cash, $28,550. 9. Prepaid insurance expired during the month, $1,950 (80\% related to production, and 20% related to selling and administration). h. Manufacturing overhead applied to production, $139,000. 1. Cost of goods manufactured, $293,500. 1. Cash sales to customers, $400,600. k. Cost of goods sold (unadjusted) $289,000. 1. Cash payments to creditors, $81800. m. Underapplied or overapplied overhead $ ? Required: 1. Calculate the ending balances that would be reported 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 the month of January? Complete this question by entering vour answers in the tabs below. Calculate the ending balances that would be reported on the company's belance sheet on lamumr 3 I t. (Hint: Be sure to caicutate the underapolied or overapolied overheod for its affect on the balance sheet.) (Amourits to be deducted should be limdicated ty a minks sign.)