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. Credit Debit $ 68,000 37,000 23,500 6,000 2,000 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 Factory overhead General and administrative expenses Totals $ 11,300 14,300 20,000 94,000 177, 900 108,000 28,000 45,000 $ 317,500 $ 317,500 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: $ 4,500 direct materials Job 402 $ 7,700 direct materials to Job 404 $ 2,300 indirect materials nnn --- L wan 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: $ 4,500 direct materials to Job 402 $ 7,700 direct materials to Job 404 $ 2,300 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 jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost. Journal entry worksheet Record direct materials used for Jobs 402 and 404. Note Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journal Journal entry worksheet Record direct labor costs for Jobs 402 and 404. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal Journal entry worksheet > Journal entry worksheet Record the entry to allocate any overapplied or underapplied overhead. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal Save ! Required information 3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $94,000 in this list. BERGO BAY COMPANY List of Account Balances December 31 Debit Credit 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 Required information Lasn 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 Income Statement Balance Sheet Prepare an income statement. BERGO BAY COMPANY Income Statement For Year Ended December 31 0 $ 0 Balance Sheet > Prepare a balance sheet as of December 31. BERGO BAY COMPANY Balance Sheet As at December 31 Assets Inventories demo Total assets $ COMED Liabilities Required information Inventories 0 Total assets $ 0 Liabilities Total liabilities 0 Equity 0 Total equity Total liabilities and equity 0