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Problem $3$A$-4($Algo$)$ Transaction Analysis $[$LO$3-5]$

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points

During January the company completed the following transactions: During January the company completed the following transactions:

a$.$ Purchased raw materials on account, $$78,200.$

b$.$ Raw materials used in production, $$91,600($ $$77,000$ was direct materials and $$14,600$ was indirect materials$).$

c$.$ Paid $$176,750$ of salaries and wages in cash $($ $$95,600$ was direct labor, $$37,500$ was indirect labor, and $$43,650$ was related to

employees responsible for selling and administration$).$

d$.$ Various manufacturing overhead costs incurred $($on account$)$ to support production, $$39,900.$

e$.$ Depreciation recorded on property, plant, and equipment, related to manufacturing equipment and $30\%$ related to

assets that support selling and administration$).$

f$.$ Various selling expenses paid in cash, $$33,650.$

g$.$ Prepaid insurance expired, $$2,200(80\%$ related to production, and $20\%$ related to selling and administration$).$

h$.$ Manufacturing overhead applied to production, $$134,000.$

i$.$ Cost of goods manufactured, $$295,200.$

j$.$ Cash sales to customers, $$402,280.$

k$.$ Cost of goods sold $($unadjusted$),$ $$290,200.$

I. Cash payments to creditors, $$71,200.$

m$.$ Underapplied or overapplied overhead $\_$ $$?$ Check my work Calculate the ending balances on the company's balance sheet on January ${31}^{st}.($Hint: Be sure to calculate the underapplied or

overapplied overhead and then account for its affect on the balance sheet.$)$

What is Morrison Company's net operating income for January?

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What is Morrison Company's net operating income for January?

Net operating income