Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet...

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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 Assets Cash Raw materials Work in process January 11 $ 37,350 $ 17,200 7,300 31,500 Finished goods Prepaid expenses Property, plant, and equipment (net). Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity 56,000 2,900 107,000 $ 203,250 $ 14,700. 188,550 $ 203,250 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 Assets Cash Raw materials Work in process January 11 $ 37,350 $ 17,200 7,300 31,500 Finished goods Prepaid expenses Property, plant, and equipment (net). Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity 56,000 2,900 107,000 $ 203,250 $ 14,700. 188,550 $ 203,250