Check my work Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: Morrison Company Balance Sheet January 1 Assets Cash $ 34,500 Raw materials $11,700 Work in process 7,700 Finished goods 30,750 50, 150 Prepaid expenses 2,975 Property, plant, and equipment (net) 143,000 Total assets $ 230,625 Liabilities and Stockholders' Equity Accounts payable $ 8,700 Retained earnings 221,925 Total liabilities and stockholders' equity $ 230,625 During January the company completed the following transactions: a. Purchased raw materials on account, $93,000. b. Raw materials used in production, $98,300 ($84,800 was direct materials and $13,500 was indirect materials). c. Paid $211,800 of salaries and wages in cash ($114,600 was direct labor, $48,900 was indirect labor, and $48,300 was related to employees responsible for selling and administration) d. Various manufacturing overhead costs incurred (on account) to support production, $36,000 e. Depreciation recorded on property, plant, and equipment, $71,200 (70% related to manufacturing equipment and 30% related to assets that support selling and administration) f. Various selling expenses paid in cash, $38,300. ct 0 Saved Help Save & Exit Submit Check my work borted on the company's balance sheet on January 31st (Hint: Be sure to calculate the underapplied or overapplied overhead and then nounts to be deducted should be indicated by a minus sign.) Morrison Company Transaction Analysis For the Month Ended Jaunary 31 Raw Work in Finished Manufacturing Prepaid Accounts Retained Materials Process Goods PP&E (net) - Overhead Expenses Payable Earnings $ 11,700 $ 7,700 $ 30,750 $ 0 $ 2,975 $ 14300 - $ 8,700 $ 221,925 Red Required 2 > est payments to creditors. $69,000. 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 Required 2 What is Morrison Company's net operating Income for the month of January? Net Operating income (Required 1