Bergo Bay's accounting system generated the following account balances on December 31. The companys 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.

	Debit	Credit
Cash	$ 70,000
Accounts receivable	39,000
Raw materials inventory	24,500
Work in process inventory	0
Finished goods inventory	9,000
Prepaid rent	3,000
Accounts payable		$ 10,900
Notes payable		13,900
Common stock		30,000
Retained earnings (prior year)		76,000
Sales		189,700
Cost of goods sold	107,000
Factory overhead	27,000
General and administrative expenses	41,000
Totals	$ 320,500	$ 320,500

These six documents must be processed to bring the accounting records up to date.

Materials requisition 10:	$ 4,300	direct materials to Job 402
Materials requisition 11:	$ 7,200	direct materials to Job 404
Materials requisition 12:	$ 1,700	indirect materials
Labor time ticket 52:	$ 7,000	direct labor to Job 402
Labor time ticket 53:	$ 13,000	direct labor to Job 404
Labor time ticket 54:	$ 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.

3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $76,000 in this list.