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 Cash $ 65,000 Accounts receivable 34.000 Raw materials inventory 22.000 Work in process inventory Finished goods inventory 12,000 Prepaid rent 4,000 Accounts payable $ 11,000 Notes payable 14,000 Common stock 40,000 Retained earnings 77,000 Sales 191,000 Cost of goods sold 117.000 Factory overhead 24,000 Operating expenses 55,000 Totals 5333,000 $333,000 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 21-3011: Materials requisition 21 - 3012: Labor time ticket 6052 Labor time ticket 6053 Labor time ticket G0541 $ 4,300 direct materials to job 402 $8,000 direct materials to Job 404 $ 2,600 Indirect materials $ 4,000 direct labor to Job 402 $16,000 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 Materials requisition 21-3010: Materiais requisition 21:3011: Materials requisition 21-3012 Labor time ticket 6052: Labor time ticket 6053: Labor tine ticket 6954: $ 4,300 direct materials to Job 402 $ 8,000 direct materials to Job 404 $ 2,000 Indirect materials $ 4,000 direct labor to Job 482 $16,000 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 28 Post any entries from part 1 related to factory overhead to the T-account below to determine the amount of underor 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 Required 28 > Book Complete this question by entering your answers in the tabs below. Required 2A Required 28 Prepare the adjusting entry to allocate any over- or underapplied overhead to cost of Goods Sold, assuming the amount is nu View transaction list Journal entry worksheet
