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. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Debit $ 72,000 41,000 25,500 Credit 0 15,000 5,000 $ 10,700 13,700 106,000 50,000 88,000 172,100 Factory overhead General and administrative expenses 28,000 42,000 $ 334,500 $ 334,500 Totals 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 time ticket 53: Labor time ticket 54: $ 4,200 direct materials to Job 402 $ 7,900 direct materials to Job 404 $ 1,600 indirect materials $ 8,000 direct labor to Job 402 $ 12,000 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 150% 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 $88,000 in this list. BERGO BAY COMPANY List of Account Balances December 31 Cash Accounts receivable Raw materials inventory 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 $ 72,000 41,000 $ 113,000 $ 0