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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.) Note: Amounts to be deducted should be indicated by a minus sign. What is Morrison Company's net operating income for January? During January the company completed the following transactions: a. Purchased raw materials on account, $77,800. b. Raw materials used in production, $91,000 ( $78,800 was direct materials and $12,200 was indirect materials). c. Paid $184,400 of salaries and wages in cash (\$111,200 was direct labor, $35,400 was indirect labor, and $37,800 was related to employees responsible for selling and administration). d. Various manufacturing overhead costs incurred (on account) to support production, $46,650. e. Depreciation recorded on property, plant, and equipment, $66,400 (70\% related to manufacturing equipment and 30% related to assets that support selling and administration). f. Various selling expenses paid in cash, $27,800. g. Prepaid insurance expired, $1,500 ( 80% related to production, and 20% related to selling and administration). h. Manufacturing overhead applied to production, $132,200. i. Cost of goods manufactured, $288,600. j. Cash sales to customers, $395,000. k. Cost of goods sold (unadjusted), $285,000. I. Cash payments to creditors, $79,600. 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

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