apter 15 Bergamo Bay's computer system generated the following trial balance on December 31, 2019. The company's manager knows something is wrong with the trial balance because it does not show any balance for Work in Process Inventory but does show a balance for the Factory Overhead account. In addition, the accrued factory payroll (Factory Wages Payable) has not been recorded Debit Credit $ 80,000 49,000 29,500 o 12,000 4,000 Cash Accounts receivable Raw materials inventory Work in process Inventory Pinished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings Sales Coat of goods sold Factory overhead Operating expenses Totals $ 11,600 14,600 40.000 87.000 214,300 120,000 26,000 42.000 $367,500 $367,500 After examining various files, the manager identifies the following six source documents that need to be processed to bring the accounting records up to date. Materials requisition 21-3010: Materials requisition 21-30111 Materials requisition 21-3012: Labor time ticket 6052: Labor time ticket 6053: Labor time ticket 6054 $ 4,800 direct materials to Job 402 $ 7,00 direct materials to Job 404 $ 2,000 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 units in process at year-end. The predetermined overhead rate is 150% of direct labor cost. 2-a. Post any entries from part 1 related to factory overhead to the T-account below to determine the amount of under-or overapplied overhead for the year. Determine whether there is any under-or overapplied overhead for the year. 2.b. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold, assuming the amount is not material Complete this question by entering your answers in the tabs below. Required 2A Required 2B Post any entries from part 1 related to factory overhead to the T-account below to determine the amount of under-or overapplied overhead for the year. Determine whether there is any under-or overapplied overhead for the year. Revised Factory Overhead account Ending balance from trial balance 0 Regled 2A Required 2B > Complete this question Required 2A Required 20 Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold, assuming the amount is not material View transaction list Journal entry worksheet 1 Record the entry to allocate any overapplied or underapplied overhead. Note Enter centefore credits Debit Credit General Journal Date Dec 31 View general Journal Record entry Clear entry ME GE
