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.

Debit Credit

Cash $ $72,000$

Accounts receivable $41,000$

Raw materials inventory $25,500$

Work in process inventory $0$

Finished goods inventory $9,000$

Prepaid rent $3,000$

Accounts payable $ $10,200$

Notes payable $13,200$

Common stock $30,000$

Retained earnings $($prior year$)92,000$

Sales $172,100$

Cost of goods sold $103,000$

Factory overhead $25,000$

General and administrative expenses $39,000$

Totals $ $317,500$ $ $317,500$

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

Materials requisition $10$: $ $4,800$ direct materials to Job $402$

Materials requisition $11$: $ $7,400$ direct materials to Job $404$

Materials requisition $12$: $ $1,900$ indirect materials

Labor time ticket $52$: $ $5,000$ direct labor to Job $402$

Labor time ticket $53$: $ $15,000$ 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.

Problem $19-3$A $($Algo$)$ Part $3$

$3.$ Prepare a revised list of account balances as of December $31.$ Hint: Use the prior year's Retained Earnings balance of $$92,000$ in this list. BERGO BAY COMPANY

List of Account Balances

December $31$

Debit Credit

Cash $$72,000$

Accounts receivable $41,000$

Raw materials inventory $12,100$

Work in process inventory $51,800$

Finished goods inventory $12,000$

Prepaid rent $4,000$

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 $$192,900$ $$0$