Morrison Company uses job$-$order costing to assign manufacturing costs to jobs. Its balance sheet on January $1$ is as follows:

During January the company completed the following transactions:

a$.$ Purchased raw materials on account, $$82,200.$

b$.$ Raw materials used in production, $$94,700($ $$75,000$ was direct materials and $$19,700$ was indirect materials$).$

c$.$ Paid $$194,700$ of salaries and wages in cash $($ $$103,800$ was direct labor, $$43,800$ was indirect labor, and $$47,100$ was related to

employees responsible for selling and administration$).$

d$.$ Various manufacturing overhead costs incurred $($on account$)$ to support production, $$43,350.$

e$.$ Depreciation recorded on property, plant, and equipment, $$56,800(70\%$ related to manufacturing equipment and $30\%$ related to

assets that support selling and administration$).$

f$.$ Various selling expenses paid in cash, $$37,100.$

g$.$ Prepaid insurance expired, $$1,800(80\%$ related to production, and $20\%$ related to selling and administration$).$

h$.$ Manufacturing overhead applied to production, $$138,600.$

i$.$ Cost of goods manufactured, $$299,400.$

j$.$ Cash sales to customers, $$409,280.$

k$.$ Cost of goods sold $($unadjusted$),$ $$295,200.$

l$.$ Cash payments to creditors, $$64,800.$

m$.$ Underapplied or overapplied overhead

Required:

Calculate the ending balances on the company's balance sheet on January ${31}^{st}.($Hint: Be sure to calculate the underapplied or

overapplied overhead and then account for its affect on the balance sheet.$)$

What is Morrison Company's net operating income for January?