4 sheet LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory. and the accrued factory payroll (Factory Wages Payable) has not been recorded. 0.28 Common stock Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Retained earnings (prior year) Sales Debit $73,000 Credit 42,000 26,000 15,000 5,000 $ 9,500 12,500 50,000 78,000 184,000 ces Cost of goods sold 108,000 Factory overhead 27,000 General and administrative expenses 38,000 Totals $334,000 $334,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor tine ticket 53 Labor tine ticket 54:1 $ 4,700 direct materials to Job 402 $ 7,500 direct materials to Job 404 $1,900 indirect materials $ 5,000 direct labor to Job 402 $ 15,000 direct labor to Job 404 $5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. Required information 3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $78,000 in this list. Cash Accounts receivable Raw materials inventory BERGO BAY COMPANY List of Account Balances December 31 Work in process inventory Finished goods inventory Prepaid rent Accounts payable Factory wages payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit Credit $ 73,000 42,000 $ 115,000 $ 0 < Prev