Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: Balance Sheet Assets $11,900 5,900 20,550 Finished goods 38,350 2,750 $ 212,9ee $ 10,40e Liabilities and Stockholders" Equity Retained earnings Total liabilities and stockholders' equity During January the company completed the following transactions: a. Purchased raw materials on account. $90,800 b. Raw materials used in production, $93,600 ($78,600 was direct materials and $15.000 was indirect materials) c. Paid $195.100 of salaries and wages in cash ($110.200 was direct labor, $35,100 was indirect labor, and $49.800 was related to ble for selling and adminlstratlon) employees r d. Various manufacturing overhead costs incurred (on account) to support production. $41550 e. Depreciation recorded on property, plant and equipment $68.800 70% related to manufacturing equipment and 30% related to assets that support selling and administration). f. Various selling expenses paild in cash. $39.800. g. Prepaid insurance expired during the month, $1.700 (80% related to production and 20% related to seling and administration e