During January the company completed the following transactions: a. Purchased raw materials on account, $76,200. b. Raw materials used in production, $84,900 ( $68,000 was direct materials and $16,900 was indirect materials). c. Paid $189,450 of salaries and wages in cash ($97,200 was direct labor, $43,200 was indirect labor, and $49,050 was related to employees responsible for selling and administration). d. Various manufacturing overhead costs incurred (on account) to support production, $46,650. e. Depreciation recorded on property, plant, and equipment, $56,000 (70\% related to manufacturing equipment and 30% related to assets that support selling and administration). f. Various selling expenses paid in cash, $39,050. g. Prepaid insurance expired, $1,300 ( 80% related to production, and 20% related to selling and administration). h. Manufacturing overhead applied to production, $140,400. i. Cost of goods manufactured, $303,800. j. Cash sales to customers, $416,840. k. Cost of goods sold (unadjusted), $300,600. I. Cash payments to creditors, $62,000. m. 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? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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 balance sheet.) Note: Amounts to be deducted should be indicated by a minus sign