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, $85,200. b. Raw materials used in production, $93,400 ( $77,600 was direct materials and $15,800 was indirect materials) c. Paid $181,300 of salaries and wages in cash ($104,800 was direct labor, $37,650 was indirect labor, and $38,850 was related to employees responsible for selling and administration). d. Various manufacturing overhead costs incurred (on account) to support production, $33,150. e. Depreclation recorded on property, plant, and equipment, $86,800 (70\% related to manufacturing equipment and 30% related to assets that support selling and administration). t. Various selling expenses paid in cash, $28,850. g. Prepaid insurance expired, $1,650 ( 80% related to production, and 20% related to selling and administration). h. Manufacturing overhead applied to production, $146,800. i. Cost of goods manufactured, $300,500. 1. Cash sales to customers, $411,240. k Cost of goods sold (unadjusted), $296,600. i. Cosh payments to creditors, $65,200. 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? Caiculate the ending balances on the companys balance sheet on January 312, (Hint: Be sure to caiculate the underapplied or overappled overhead and then account for its affect on the balance sheet.) Note: Amounts to be deducted thovid be indicated by a minut sign. Complete this question by entering your answers in the tabs below. What is Morrison Company's net operating income for January