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 rrison Company Balance Sheet $ 43,050 Cash $9,500 5,550 22,350 37,400 2,525 117,000 199,975 Finished goods Property, plant, and equipment (net) Total assets Liabilities and Stockholders Equity s 8,700 191,275 s 199,975 nts payable Retained earnings Total liabilities and stockholders equity During January the company completed the following transactions: a. Purchased raw materials on account, $78,000. b. Raw materials used in production, $84,000 ($70,400 was direct materials and $13,600 was indirect materials). c. Paid $192,750 of salaries and wages in cash ($106,800 was direct labor, $37650 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, $45,600. e. Depreciation recorded on property, plant, and equipment, $60,800 (70% related to manufacturing equipment and 30% related to assets that support selling and administration). f. Various selling expenses paid in cash, $38,300. g. Prepaid insurance expired during the month, $1,550 80% related to production, and 20% related to selling and administration h. Manufacturing overhead applied to production, $140,200 i. Cost of goods manufactured, $289,100. Next > 11 K Prev4 of 4 Check my work b. Raw materials used in production, $84,000 ($70.400 was direct materials and $13,600 was indirect materials). c. Paid $192,750 of salarles and wages in cash ($106,800 was direct labor, $37650 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, $45,600. e, Depreciation recorded on property, plant, and equipment, $60,800 (70% related to manufacturing equipment and 30% related to assets that support selling and administration). f. Various selling expenses paid in cash, $38,300. g. Prepaid insurance expired during the month, $1,550 (80% related to production, and 20% related to selling and administration). h. Manufacturing overhead applied to production, $140,200 i. Cost of goods manufactured, $289,100. j. Cash sales to customers, $395,560 k. Cost of goods sold (unadjusted), $285,400. I. Cash payments to creditors, $74,800. 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 1Required 2 What is Morrison Company's net operating income for the month of January?