some help please
Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: $ 44,250 Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $11,100 7,050 28,500 46,650 2.075 224,000 $ 316,975 $ 13,900 303.075 $ 316,975 During January the company completed the following transactions: a. Purchased raw materials on account, $86,200. b. Raw materials used in production, $94,200 ($82.400 was direct materials and $11,800 was indirect materials). c. Pald $195.800 of salaries and wages in cash ($113,600 was direct labor, $44.250 was indirect labor, and $37.950 was related to employees responsible for selling and administration) d. Various manufacturing overhead costs incurred (on account) to support production, $39,450. e. Depreciation recorded on property, plant, and equipment, $103,600 (70% related to manufacturing equipment and 30% related to accote that suport collinadidinstation During January the company completed the following transactions: a. Purchased raw materials on account, $86,200. b. Raw materials used in production, $94,200 ($82,400 was direct materials and $11,800 was indirect materials). c. Paid $195,800 of salaries and wages in cash ($113,600 was direct labor, $44,250 was indirect labor, and $37,950 was related to employees responsible for selling and administration). d. Various manufacturing overhead costs incurred (on account) to support production, $39,450. e. Depreciation recorded on property, plant, and equipment, $103,600 (70% related to manufacturing equipment and 30% related to assets that support selling and administration) f. Various selling expenses paid in cash, $27.950. g. Prepaid insurance expired during the month, $1,250 (80% related to production, and 20% related to selling and administration). h. Manufacturing overhead applied to production, $150,800. 1. Cost of goods manufactured, $307,300. J. Cash sales to customers, $421,880. k. Cost of goods sold (unadjusted) $304,200. 1. Cash payments to creditors, $72,800. m. Underapplied or overapplied overhead_$? Required: 1. Calculate the ending balances that would be reported on the company's balance sheet on January 31 (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 the month of January? Complete this question by entering your answers in the tabs below. Required 1. Required 2 Calculate the ending balances that would be reported on the company's balance sheet on January 31. (Hint: Be sure to calculate the underapplied or overapplied overhead and then accoun for its affect on the balance sheet.) (Amounts to be deducted should be indicated by a minus sign.) Morrison Company Transaction Analysis For the Month Ended January 31 Work in Finished Manufacturing Process G oods Overhead $ 7050 S 28 500S 0 Transactions Cash " postal Accounts Retained Raw Materials $ 11,100 Prepaid Expenses 2.075 $ 44 250 S $224.000 $ 13.900 $ 303.075 Beginning balances 111 (a) Raw material purchases (b) Raw materials used in production c) Salanes and wages (d) Various overhead costs (e) Depreciation 0 Various selling expenses (a) Expiration of prepaid insurance, Manufacturing overhead applied 10) Sales Cost of goods sold C) Payments to creditor Ending balances 1/31 Required: 1. Calculate the ending balances that would be reported on the company's balance sheet on January 31 (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 the month of January? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is Morrison Company's net operating income for the month of January? Net operating income
