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21 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 10 Assets Cash Raw materials Work in process rinished goods Prepaid expenses Property, plant, and equipeent (net) Total assets Liabilities and Stockholders Equity Accounts payable Retained earnings Total 1iabilities and stockholders equity 37,350 17,200 7,300 1,500 56,000 107,00 203,250 14,700 2,900 188,550 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 $47100 was related to Poid$19470Oussalariesandlingand administration).count)tos 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 por production, facturing equipment and30% relatedto a assets that support selling and administration) f Various selling expenses paid in cash, $37,100. Prepaid insurance expired during the month, $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 S? Prev 21 of 21 Next