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CoursHeroTranscribedText: *Please show how you got your answers. Morrison Company uses a joborder costing system...

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Accounting

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CoursHeroTranscribedText: *Please show how you got your answers. Morrison Company uses a joborder costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: Morrison Company Balance Sheet January 1 _I Cash 5 43.050 Raw materials Work in process Finished goods 372400 Property, plant, and equipment [net] _- 111000 Total assets Liabilities and Stockholders' Equity - Accounts payable 8 8,?00 Retained earnings 191,275 Total liabilities and stockholders' equity 5 199,975

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